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I did something like this a few years ago '
everything worked perfectly with windows 7
I got the boot directly in winuae with the 4.1FE
as well as having changed some registry keys
the part to delete (windows-explorer)
and to be searched in "admin policy"
it was enough to disable explorer in that section.
i had used a light version of "windows 7 ultimate" with nlite

( you probably won't find the admin policy option in other versions of windows 7 )

the speed had improved a little
but it's not worth it for the speed gain.
On the other hand, it is fun if the aim is to have only winuae when booting on a machine with windows
you can also get a dual boot or triple boot
assigning an "x76" hide on the partition that you dedicate to "winuae workbench as real hard-disk"

alt + tab + delete
it serves instead because you can launch the explorer process if you need to update or modify non-essential services from time to time

there was a post on that
but then I deleted the screenshot of the policy to be changed in win7
to make room.

I also disabled the windows 7 logo and added a bouncing "boing" animation in its place

here an example:
[ Show youtube player ]