Most aspects of DirectX are backwards compatible with version 9.0 on XP but you won't get the full effect of features that are enabled in DX 10 or 11.
If there are specific games you have concerns about installing in Windows 7 post them here and we can let you know.
Most games that run in Vista32 will run on Windows 7 32-bit some XP gems may need patching or running in compatibility mode.
If you are upgrading the graphics and operating system is your base system (the Motherboard, RAM, CPU etc) going to be able to make the most of Windows 7?
If you want to have a test you could set up a dual boot games box that allows you to run both operating systems on the same PC (but not at the same time!) so you can see what you might get if you switched completely to Windows 7.