This is the same thing that happened to me, using the above method made everything functional except for my wheel tilt.Finally got around to installing the LX7 wireless mouse in 7.10.
First, I installed it in XP. No problems. Other than having to download a 53Mb driver, it went off without a hitch.
So, I decided to try to make it work with ubuntu 7.10. Shut down XP and booted up into ubuntu, and....surprise, it works pretty darn well without doing anything at all. All the buttons and the wheel are functional, however the two little buttons don't function as page forward/back as they do in XP. The left small button functions as 'open in a new tab' in Firefox; the right small button functions as right click.
So, I have a 5 button mouse that has left click, two right clicks, an open in new tab, and the wheel without doing anything at all.
I think I'm pretty happy with it as is, so I might not try to change anything unless it becomes a limitation sometime in the future.