Yes. I've done it for a few systems. As long as Windows 7 is showing as genuine it will upgrade ok to an official licence.

Regarding Windows 10 Home vs Pro. Home has some useful things missing such as Hyper-V virtualisation so you can run virtual machines such as XP or Linux. It supports network domains, remote desktop and bitlocker which home doesn't. It also supports scheduled updates and delayed update system reboots, whereas home forces system updates as soon as they are pushed to the system and forces reboots. There are many other things missing from home but these are the most important.

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