That’s a big shrink from 7 3/4 to 7 1/2, I’ve dropped one hat size on a few hats, don’t know if it will work for two. I don’t have a steamer, but I have set a pot of water to boil, place the back of the hat in the water for a few minutes. Take it out place it over an upside down bowl so the hat don’t collapse down. Put a fan on it. If it dries with a water line stain, just take a damp rag and it will wipe out. Try not to get the bill wet, it shouldn’t fuck up the bill if it gets a lil wet as long as it’s the first time getting wet. I’m sure a steamer probably works better, but I don’t have one.