One thing to consider, something I'm planning on trying out myself, is that the 8600 and 7500, 7600, and 7300 are physically compatible in terms of their motherboards, so if you were to get an 8600 board for your /300 Mach5 604ev you could just put that into a compatible desktop case.
Even though I think this is total shenanigans and Apple should have sold Mach5 7600 and 7300 systems, the way Apple was marketing it at the time was:
7200: PC compatibility, more affordable generic desktop productivity
7500 & 7600: multimedia & conferencing plus generic desktop productivity (video in but not out)
7300 (which replaces both 7200 and 7600) affordable and performance generic desktop formfactor productivity.
8500 & 8600: desktop multimedia production productivity (had video output as well)
9500 & 9600: ultimate performance, ultimate flexibility, spec it out for whatever you need.
From an actual practicality standpoint, I don't know why there was a 7000 series that worked with the Mach5/604ev processors out of the box. The system should've been enough to cool it and
Out of curiosity, what stuff are you doing? It may be possible to do video capture with a 7000 then move the video to the 9600, if you've already got all the parts and networking or big removable storage set up, although from the standpoint of having one fast machine for capture and editing, either using an 8500/8600 (in particular an 8600/300) or g3/g4 upgrade on a 7000 is going to be your best bet to build one machine for capture that's also faster.
This is... not the point, but another thing you might consider if you do get a 7500 or 7600 is just leaving it as is. Depending on what you're trying to run, it may not be that bad.