There should not be any difference in cooling from a stock 16 psi cap to using a 7 psi cap. However, at 15 psi water will boil at 250 degrees and much less at 7 psi. The low pressure cap may also allow coolant to escape after shut down as the heat released from the engine will raise the radiator temps/pressure.
We cannot do that with our temps here, and even a worn 16 psi cap will leak, sometimes when driving.