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Hi John,
The yellow wire really needs to be connected to a switched power supply. The red and black wires to a constant power supply.
If you connect the yellow wire and the red wire together and let them switch, you will definitely have problems. Videos will not be closed properly when the K7 is turned off. The SD card can become corrupt and your K7 can also cause problems.
The Parking mode will not drain your battery. This is also protected so that if your battery voltage becomes too low, the parking mode is automatically switched off. With a normal battery, you don’t have to worry about a flat battery. I leave both my K3 and K5 on my K1600GT in parking mode for a few weeks. The alarm system is also on. After 4 weeks I can still start without any problems.