So the torque you will need could be determined by the following:

T = (7 lbs.)*(Rspool)*(16 oz./1 lb.)

where Rspool is the maximum wire spool radius (when all the wire is wound up on it)

For example, let's say your max. spool radius is 0.5"

T = 7*0.5*16 = 56 oz.in.

You'll also need to select the right motor speed. Let's say you want to raise the weight 12" in 3 seconds (Vl = 4" / sec.). The motor speed you'll need can be calculated by:

RPM = (Vl / (Pi * Dspool)) * 60

where Dspool is the maximum spool diameter

So RPM = (4 / (3.1415 * 1)) * 60 = 76 RPM