I want to use 7x7 for my shrouds. she's a bit smaller than yours, 42 lod, but she's also a Nova Scotia schooner, built in 1950. From all that I've read 7x7 is best for shrouds of my type. Running rigging should be more flexible, 19 stranded. 7x1 is a bear to splice and too stiff.
I'm going to go for high modulus line for lifelines because I like my hair, might go coated stainless.
Cost is paramount for me as my boat is workboat rough, not much brightwork , but pretty to me
Dave