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Since there are multiple 7-B versions, I'm assuming you're referring to Enies Lobby/Marineford Luffy rather than Fishman Island Luffy since the latter would likely stomp. Correct me if I'm wrong.
Luffy's base form from Enies Lobby to Marineford is weaker than Dhalsim's, so this would be sort of like a CP9 fight for him: He'd have to defeat Dhalism in Gear 2nd and Gear 3rd. Since Luffy is highly resistant to blunt force specifically, Dhalism would have to stick to his fire based attacks.
Between the speed boost from Gear 2nd and the damage edge with Gear 3rd, I'd give this to Luffy with high difficulty. Dhalism's best bet would be to try to outlast Luffy's stamina since the Gears are fairly draining to this version of him.
Someone who knows more about Dhalism would be helpful. His wiki page isn't clear if all of his fire attacks are illusion based.
If so this might go from difficult to decisive for Luffy: He shows no fear in the face of mortal peril, so I'm not sure if any of the fire attacks would work on him.