Thanks for all the replies!
I heartily concur with Sean's suggestion too! If it was up to me, we would have been doing it Sean's way a long time ago. Now that our IT dept is rolling out SP3, it's breaking things we do in FM7 (like linking to PPT). So my prospects of implementing a change are looking up!
In the mean time, FM9 upgrade is a more viable opportunity than switching to InDesign - especially if it happened to fix the transparency issues we have with FM7. Currently, for slides with transparency, we link to a hidden slide that has a screenshot of the transparent items. It's a workflow nightmare, not to mention the issues with printing screenshots. But it's been done this way for 10 years. If it's not broken, why fix it? Thank you SP3 for finally breaking it!!
Thanks again for the replies. Y'all pretty much confirmed what I was thinking.