I have not yet had this problem specifically, but it was pointed out by CFG Tom Forrest who spent some time wrangling with it. He was trying to use the connector widget to connect IIS 7 sites to ColdFusion instances (running in Multi-Server Mode). He reports as follows:
According to Tom the fix is to install the IIS 6 Management Compatibility role service. This service allows an IIS 7 server to "act like" an IIS 6 server. Once installed the configuration tool began to work.
While I haven't had this specific problem, I have noticed that a number of other things are easier and more familiar with the IIS Management Compatibility installed. Thanks Tom.