The 4-pin has internal dwell compensation.
The 7-pin has no internal dwell compensation circuit. The 7-pin is just a two-mode driver.
B stands for bypass. You are using it in bypass mode when B, R, and E are unconnected.
R stands for reference. That is the signal from the module to the car's ECM. It can be used for a tach signal, which is how some people probably use it, but that is not the real purpose of R. The ECM uses the reference signal to determine dwell and timing. That ECM signal then returns to the module through pin E. E stands for ECM.
N on the 7-pin correlates to W on the 4-pin.
P on the 7-pin correlates to G on the 4-pin.
N and W are what I refer to as the negative side of the reluctor pickup (positive and negative are arbitrary labels, but I use them consistently, which is what matters, other sources may refer to them opposite from what i do). The main difference between the 4-pin and 7-pin is that the bias voltage on N is relatively steady, while the voltage on W changes greatly with RPM (based on reluctor signal strength and output's current limiter usage). (My full notes on the 4-pin are available from that link you referenced.)
If you are using Cavalier coils, (as that is what the link refers to, note there is a different page for using stock spark coils), then the W-pin does not get used, so the issue between W and N is irrelevant.
However, P and G also have a slight difference in their behavior. The thresholds are slightly higher on the 7-pin module. So there may need to be a slight compensation on the negative terminal of the pickups. The difference is about 1 volt. A 1-volt reference voltage should be applied to the negative sides of the reluctor pickups. That is the blue wire with white band, and yellow wire with white band. On the 4-pin page, those wires are just tied to ground. To use it with the 7-pin module, you will likely have to go with a simple voltage provider like that used on the Kawasaki version:
http://home.comcast.net/~loudgpz/GPZweb/Ignition/GPZgmHEImod.htmlUse P in place of G. The white band wires would be the negative pickup wires, but try both polarities in case the timing seems off. This is in case someone swapped the white bands. Double check the timing with a strobe to make sure the polarity is correct (wrong polarity alters the timing).
If the polarity seems reversed, maybe there is a chance someone put the white band on the wrong wire.