If I break into your house, and then walk into your main hallway, and then say, "There is a security flaw in your home! From this point in your hallway I can listen to any room, or walk down freely into any room." As you're looking at your front door splintered from the battering ram I hit it with to get in, would you call it a "hack," a flaw or something to be concerned about how your hallway(s) go through your house? No, you'd say, "The hallway is fine, I need a stronger front door. BTW, the Glock I'm holding is loaded."
When I start to read, "SS7 was designed in the 80s," I already know I'm dealing wtih a mental midget. Actually, SS7 begain due to the first ever hackers. Remember 2600? As in, 2600 Hz was the signaling frequency for a landline switch. Throw that tone, and you could make calls (for free if it was a payphone). Hence, telecoms came up with an idea to do out of band signaling, which eventually became SS7. So, saying you can "hack" SS7 is very misleading because all SS7 does is coordinate call set up. That "ringing" you hear as you wait for the far, distant switch to reply that the called line is available, is a "comfort tone," as SS7 does it's work. Besides cutting down on fraud, SS7 keeps circuits available, because if the called number is busy, or unavailable, there's no point in setting up a line between your local switch and the switch at the far end.
In the deepest bowels of a switching office, usually near the back, you'll see SS7 racks. These connect from and between local, long-distance and other switches. It's what you'd call, "Back Office," network, similar to the network used by the telecoms to manage their servers your traffic go across but you'll never touch. Such as 3G data going through PCF after it's left the mobile switch, and before it hits an internet backbone ATM. So in simple terms, you'd have to break in, figure out the network, and then figure out a 2nd break in to get to the SS7, and then you'd be in a very small part of the network.
Honestly, if you're going to be doing that much effort, you're NOT going after SS7. Just hack the 3-letter agencies or other LEO server for court-approved wiretapping that is hanging off the switching network and you're in anything, everything, anywhere.