I've been making some preparations to upgrade to a Bukkit version supporting most of the 1.7.x features. Although it's only partially up to par with 1.7.2, it does allow 1.7.4 clients to connect. I've done some preliminary testing on my Linux desktop, and it appears that the plugins we currently use all work with this version of Bukkit. I have not tested MultiVerse, however, but I expect it will probably work as well. This means we'll be able to continue with our initial plan of generating a new world for the 1.7.x features, linking it to the previous one you all know and love (and have been pouring much of your time into).
I'm not precisely sure when we'll be heading forward with this update. When we do, you'll be able to dump your previously saved profiles, and just follow the latest version of Minecraft (for now). Typically, the "latest" version is linked to the profile that bears the same name as your account. So, if you select that, you should be ready to play.
This update will take some time to implement, and we'll need time to verify that it works and to construct a nice little spawn area. I'll be posting more later on when you can participate. The spawn construction will probably start on a new instance in creative mode. Once construction is completed, I'll overwrite all inventories and such with those saved from the server in its current state (meaning that you can't horde stuff from creative mode, but you'll get all your old stuff back). Then we'll take it from there.