I found a possible solution that doesn't involve migrating back to Leopard. This only works if you want to use Quicken Essentials.
Quicken Essentials has a data migration tool that will convert the Quicken data file from Quicken 2007 to the Quicken Essentials format (.QXF). But the tool only works on Leopard. So if you have access to another Mac that still has Leopard you can copy your data file to that Mac and run the migration tool that comes with Quicken Essentials, then copy that file back to your Mac with Lion.
If you are looking for a more robust tool for your finances than what Quicken Essentials offers then you'll need to do go back to Leopard or search for another workaround.
Quicken is working towards an update to the tool so it will work on Lion but no ETA yet.
http://quicken.intuit.com/support/articles/getting-started/upgrading-and-convers ion/7629.html