Guys, I was having this problem too, searched for hours and came upon this thread. Thanks to saintnicster, I was able to revert back to Java 6 without having to reinstall my OS (which by the way is 10.7.5, so the download does work with older versions).
Here's how I did it:
1. Download the Java Preferences zip that saintnicster so graciously provided.
2. Open Java Preferences
3. Right click on Java 7 (should open new finder window with one item in it called "1.7.0 jdk")
4. Move 1.7.0 jdk to trash
5. Open Technic Launcher, Sign in and have fun!
Hope this helps anyone still having trouble!
