The best thing you can do it hire a sports nutritionist and tell them the same thing and they will set your diet for you. It's money well spent!
By the way, get a DEXA scan for the most accurate body fat reading, as well as bone density.
Yes, the DEXA scan is considered the most accurate measurement, albeit at much greater cost than being dunked.
Two separate points of contention to my statements have been put forth. Firstly, that the OP's goal of 7% is not
too low. Thus far there's been no solid rebuttal to my assertion. Secondly, that 5% is the minimum level considered healthy. DonDenver thinks the OP's goal is unrealistic and
implies that Dr. San Millan thinks 5-7% is ultra low and that 5% as the minimum percentage while still maintaining good health is nonsense.
To move beyond the anecdotal, I've emailed Dr. San Millan, a sports physiologist and researcher, and look forward to his response pointing me to his or others' research that suggests I'm wrong. (Before anyone scoffs and thinks my chances with Dr. San Millan are slim, I've always gotten responses from scholars I've approached regarding aspects of their research that I'm interested in.) I look forward to posting either the Dr's comments or a brief review of the literature in the interest of educating the Bike Forum masses.