File compatibility for Final Cut Pro 7 project files with Adobe Premiere Pro CS4
Yes, in Premiere Pro, you can export to Final Cut XML. In Final Cut 7, you can export into an XML as well. Then you can import the XML files into each program.

The only problem is that Premiere on windows uses the AVI wrapper, and Final Cut 7 uses Quicktime. It might work going from Final Cut to Premiere. But going back into Final Cut probably will not work, as Final Cut does not like AVI. Also, the file paths will be different (but you can reconnect the media, but you are looking for an easy way).

Unless there is a software that does this, switching in between Programs and OS is going to take time.