I'm sure it will still work. When 1.7 was out SOI console still worked but is there any reason not to upgrade to latest java 1.8x version due to security updates?
According to the wiki:
CA SOI has the following JRE requirements:
- JRE 1.8.0_45 is Installed with the CA SOI UI Server
- JRE 1.7.0_55 is the default minimum version that must exist on any machine that launches the CA SOI Operations Console