I did try to export the quote data alone (QIF) from SL 2007 and reimport it into Lion Quicken but it would not import ("too large"), and then when i trimmed it to almost nothing it was not recognized as a proper QIF file.
So I went ahead and trashed the (corrupted) Quotes file, and then it opened in Lion. THere were no Prices but all transactions were intact, and there were prices in the transactions, but they do not show up in Prices, only downloaded quotes or ones that you add manually.
I had 3 funds that do not have downloadable prices and I have been adding them manually off and on for years. Once you get it up and running again you can go back 5 years and download historical prices, but I have funds that go back 15 years. If I want to track my net worth (going back beyond 5 years) and there is no price in Prices, then the fund registers zero. So I went back and put in prices (i had saved all the prices from SL quicken 2007 as a pdf file since I wont have access to them forever) 2-3 per year for the missing years, and things are fine. As far as I can tell everything else works like before.
This one program is why I waited so long to go to Lion, over that hump.
Now i have to figure out how to get a couple websites and a few other things I used my iDisk for up and running, and iCloud...