If you want to keep your old Exchange 2003 server around as a domain controller. You do not need to promote the new Exchange 2007 to be a DC. If you want to remove your old exchange server completely you will want to promote the 2007 server to be a DC and GC and then move the FSMO roles.
Its really up to you on how you want to do it.
- Joel
And that is exactly how I would do it. When you are done, you will have your DC/GC on 1 server and Exchange 2007 on another. After you remove exchange 2003 from that server, it will still remain as DC/GC.