The only thing that I have in my junk drawer that fits this description is a Fox .19 1956 era, Brodak .25 and a Fox .35. By the the time these engines are equipped wit a muffler, the plane is quite nose heavy.
None of those engines will meet your criteria, particularly the weight. For a Ringmaster (regular S1, not a Ringmaster Junior), the engine of choice is a *stock* 15FP. Potential second choices are a Veco 19BB or a 20FP, although controlling the speed will be very difficult with either of those. The engine you have that will provide satisfactory performance is the Brodak 25 - not as effective as the Veco 19, but adequate.
None of these will be anywhere near 7 ounces with a muffler, but a better engine and tail weight is FAR BETTER than a vintage engine and no tail weight. And, vintage engines generally don't have and cannot use an effective muffler, and only have mickey-mouse arrangements to mount them.
If you are talking about the "Junior" models originally powered by 15s back in the 50's, then the Fox is plenty enough, and the others are far too much. My first "big" airplane was a Ringmaster Jr. with an ST G20/23, it was a complete bomb that went about 90 mph and routinely shed parts. And a 20FP is stronger than a G20/23. If I was doing it again, I would build my Ringmaster Junior using a Hornet .09, or something like that.
Brett