SQL Server 2005 on Windows 7 along with SQL Server 2008 R2 Express edition
I doubt you can use the SQL Server 2005 client tools for SQL Server 2008 R2. But if your main issue is the inability to use profiler, I suggest just running server-side traces instead. You don't get the fancy GUI, but you can still see all the same data. 

Running a trace without profiler: SQL Server Performance Statistics Using a Server Side Trace

Note, one thing you won't be able to do with server-side tracing is to replay a trace.