Change the 
command entry under 
Open so that it matches the entry under 
Edit.  This will become your entry for PhotoShop CC.
If you want a second entry ... 
go ahead and rename PaintShop.exe to PaintShop7.exe in \Program Files\ or \Program Files (x86)\
Then under HKEY_CLASSES_ROOT\Applications\ create a new key Photoshop7.exe.  And then under that an 
Open key, under that a 
command key and under that the 
(Default) String Value set to
"C:\
{Photoshop7 path}\PaintShop7.exe" "%1"
Similar to this:
Notes: 
1. My second entry did not appear in my context menu until I right-clicked on a picture and did a 
Open With > 
choose a program then unchecked the box next to "use this as the default" and clicked Browse, located PaintShop7.exe and OPENed it.
2. I believe the Context Menu description comes from the executable, and I merely copied the same exe, so I ended up with two Context Menu descriptions that looked identical.  So if both CC & 7's executables contain the same description this could become confusing for you.  I do not know how to change the description so if you do not like the second entry just go back and delete HKEY_CLASSES_ROOT\Applications\Photoshop7.exe