Take a look at:
http://rglinuxtech.com/2013/01/28/pi-to ... w-patches/
There is a .config there as well.
I've used this to get to 3.7.7+ (not had chance to do 3.7.8 yet).
I then added the aufs patch set to it so I have an aufs root with most of the SD card R/O, tmpfs for transient and a smaller partition for the /rw to persist important changes.
My .config is at http://pastebin.com/3pP5GEd5