I believe it will still appear on your VCE results transcript sent to you and possibly the 'view VCE results' page of the website on results day. If it appears on your transcript, universities will likely see it as it contains all your results for unit 1 to 4 subjects. Supported by the fact that some courses only ask for unit 1/2 or equivalent maths of some kind, and you won't have a study score for that if you didn't follow through with unit 3/4, so I would only assume they have full access to all your VCE results including unit 1/2 satisfactory completions and things like a 7th subject's study score.
I had dropped VCD after unit 3 and it still appeared on my transcript and online (only on the 'view VCE results' page). Though it was only my 6th subject, I think it should be the same for a 7th.
You'd probably get a more definite answer from someone who's actually done 7 subjects and had to use the excluded one as a prerequisite, but hope this helps.