Here is a bit of information about the Mark VII.
The Mark VII was made by Magna American Corporation and introduced in October 1963. It was made until Magna American ceased production in the 1968-1969 fiscal year. It was still being made and sold after production was discontinued on the Mark 5. The Mark VII is a 7-in-1 tool that Included under table shaping & routing. The base has a built in dust collection system. The unit could be tilted in either direction. Plastic racks on the way tube controlled Headstock movement. The MARK V Headstock will fit on the Mark VII frame with the plastic rack removed. It also has a plastic speed control that tends to melt with extended use.
The 1960's Mark VII used both Roman Numerals (Mark VII on the vent plate & dust collector box) and the Number 7 (Mark 7 on an info plate) as the Model of this machine. The use of both the Roman Numeral and Number adds to the confusion when referring to this Mark VII as opposed to the current Mark 7. Unlike the original Mark VII the current Mark 7 is based off of the Mark V and any Model of the Mark V can be upgraded to a Mark 7.
Here is what I can tell you about the Mark 2.
Introduced in December of 1957 by Magna Power Tool Corporation. This unit was made at Montgomery Ward’s request and sold primarily by them. It was not made to the same quality standards as the Mark 5 and was a lower cost alternative while still providing the same five functions. It has an 8” saw blade capacity instead of the 9” saw blade of the Mark 5 at the time. The Mark 2 uses a ½ HP or optional ¾ HP motor while the Mark 5 had a ¾ HP motor that later changed to a 1-1/8 HP motor. It uses two 2-step pulleys to change the 7 speeds (much like the Model 10E and 10ER) instead of the variable speed of the Mark 5. It has lower quality locks to hold the headstock, carriage, etc. in place. It has an extra saw blade slot on the main table (a feature added to the Mark 5 in the 1960’s and 1970’s). The Miter looks similar but is different than the Mark 5’s as it has no angle stops and a shorter bar without the lock to hold it in place in the table slot. Some Mark 2’s have round metal bench tubes while others have rounded top channels made out of wood to connect the bench ends and legs together. It could be purchased with or without the bench. Instructions included making your own wood bench. It has a narrow step shape extension table that creates its own fence and serves as the tailstock with a small block attachment. There are very few individual parts that are interchangeable with the Mark 5. The Mark 5 Headstock will fit on the Mark 2 frame. The Mark 2 can also hold and power Add-a-tools later known as Special Purpose Tools made for the Mark 5/V’s and Mark VII/7’s. Even the table system can be changed to the Mark V or 7’s. It started out with the “Greenie” colors and later changed to gray.
At the time of its introduction the Mark 2 was priced at $179.90 (less bench and motor) compared to the Mark 5 at $329.50. The Bench with tubes costs $19.95 and the ½ HP motor was $34.95 making the total for a Mark 2 to be comparably equipped to the Mark 5 at $234.80 and still considerably less than the Mark 5.
Another interesting feature of the Mark 2 is the Headrest which is a pin-able version of the Base and Arm which functions much like the new Mark 7 Double Tilt feature.
The Mark 2 works more like it’s a Model 10 trying to look more like a Mark 5.
If you have any specific questions about the Mark 2 I can try to answer them. I do own 2 of them which are waiting for their turns to be restored.
The link below talks mostly about the Mark 5/V and it's evolution but has information about the Mark 2, Mark VII, Mark 7 and even the Mark 1 and how thy relate to the Mark 5/V that you may enjoy reading. That Forum topic also talks about why there are Mark 5's and Mark V's.
viewtopic.php?f=7&t=24963