Depends on what you want to do with the negs. I know that printing M7II negs is about as close you'll ever get to LF quality without going full LF. I know this because I have been printing some 4x5 negatives taken with a Linhof lens and I can't distinguish them at 11x14 from the M7II, maybe if you're lucky at 16x20. For 35mm, the best lens I own prints beautiflly as well, but it's all about taste and what you want to get outta it.
You can definitively handhold it to obscenely slow speeds. I don't like the shutter button, so I often use a 4" cable release and have shot below 1/30 with very acceptable results.
Remember, F/4 in 6x7 is more like f/2.8 on 35mm, so DOF is affected, but you just learn to use it differently. You can also shoot ISO 400 and it'll look like enlarged ISO 100 35mm, so speedwise there's no real loss with an F/4 lens.
Just my .02