Therese, The London Pass is very pricey, and like TIm said, get the Oyster card for travel. There's the travel card which you can buy from any tube station and they put it on an Oyster card and its good for the tube and bus.
The typical tourist sites are pricey but as I said, so is that pass. Also remember that some of the touristy stuff like Madame Trousseu is not included.
Here's what I'd suggest: Write and Plan out your day. Guess that 1 attraction will take 2 to 3 hours. Give yourself 40 min travel time.. especially with 7 people.
Compare your day and see if its worth running crazy to get your "money's worth".
4 years ago, I did buy the 1 day tourist pass and got my money worth doing the London Tower, Tower of London and one more attraction in 1 day.
I am glad I didn't buy my other 4 days because the other times it would not have been worth getting the pass because I ended up going to 1 attraction per day... and the daily cost was not worth it.