I just tested this and it works great.
I connected first with WiFi and downloaded the config file. I modified it and uploaded it back to the MiFi... The MiFi will then go off line and restart.
After I was able to reconnect to the MiFi and confirm the setting, I disconnected and this time connected the MiFi to the notebook via the USB cable.
Used VZAccess and saw both the device and the WiFi from the Device. I could then connect to either without any issues.
I am currently connected right now via WiFi only with the USB cable connected to the notebook. I have another connection via my Cell phone up and running at the same time.
I've got Win 7 RC1 on 2 of my machines and I really like it. In fact, I like it enough to have ordered 3 copies of Win 7 for $49 each, at Amazon. Can't wait to load it up on my netbook (Acer Aspire One), which is one machine I don't have the RC1 on.
hey, i tried doing this and it allowed me to tether the mifi and connect via wifi but the wifi connected device did not get internet access. It says "Local Only". I tried it on more than one device 😕