I tend to think that Panasonic bodies have gotten less "respect" here than Olympus bodies for reasons unrelated to quality or capability. It might have something to do with the fact that several of the big dive photo retailers carry Olympus but not Panasonic; it could also be that because Olympus offers its own underwater housings people become familiar with that brand and tend to stick with it as they move up; or perhaps it is because relatively few Nauticam housings for Panasonic cameras did not accept add-on viewfinders. I also think it has been the case that Panasonic's top-line GH cameras have been known for their video capabilities and have tended to be quite expensive due to that, but all I can do is speculate.
I cannot personally compare the EVF of these two cameras but from what I have read, both are excellent. I think that for the most part, the IQ is close enough that most of us would not be limited by the IQ of either camera. In the photo world I think generally the GX7 is viewed as slightly "better" than the E-M5 and not quite as "good" as the E-M1 (For whatever that might be worth...problably very little). Of course, in six months none of these will be as "good" as the latest offerings by both companies. The OMD and GX cameras have different approaches to controls, wheels and buttons and to a large degree choosing one is personal preference based on ergonomics and photography style.
For underwater use, I think a major difference between the GX-7 and the E-M1 is that the only(?) housing for the GX-7 is the Nauticam and that housing is is designed more like the traditional Nauticam M43 housings while the E-M1 housing is designed more like the traditional Nauticam dslr housing. One can do more interesting things with the E-M1 housing if so iinclined. One can also purchase several other brands of housings for this camera and that alone will make it more common underwater, and result in more discussions and reviews and in turn more sales, etc.
But, if you want as compact a housing as possible in a top-end camera, you have to look at the GX-7 or the E-M10.
IMHO, any of the OMD cameras or the GX-7 are very capable cameras and the Nauticam housings for all of them are quite nice. There would be no "bad" choice. Most importantly, whichever body is used, the ports and lenses are interchangeable and for most of us, our photographic output is more constrained by the lenses and ports than small technical differences in camera bodies. I wish I was a good enough photographer that the camera was the limiting factor in the quality of my photos but alas, I will never get to that point.
In the final analysis, if you are drawn to a compact housing, the GX-7 should be very appealing, along with the E-M10. If size is not a major issue then you should compare the "feel" or design of the available housing choices and perhaps try to spend some hands-on time with a Panasonic and an Olympus and see if either is more enjoyable to use. Right now I think it is fair to say the E-M1 is the king of the M43 camera for underwater use but in capable hands an underwater image from an E-M5, E-M10 or GX-7 would be indistinguishable.
Sorry for rambling on.