Ain't broken so why fix it (or go through buying and installing 7)?
am I able to delete/uninstall that version of Bootcamp and reinstall a newer version with new partitions? What is the best method to do this?
You are not technically uninstalling Boot Camp, you are or would be doing a clean install or upgrade to 7, and then install/add BC 4.01 drivers.
There is a BC control panel and Apple calls it a Program. A catch all and misused term.
Windows-on-Mac would be better.
Leave as is. Even XP can be left as is usually as well.
You should think about leaving as is, or how to do an upgrade or clean install.