Roland,
There are a few problems that may develop if you use your Aqua Hot unpressurized. It was originally designed as a pressurized system because it operates so close to the boiling point that the coolant solution could boil where it contacts the burner housing causing uneven heat transfer, and vapor bubbles in the solution that could cause air locks in the system because the coolant pumps will not pump air well, liquid only. This is especially more prone to happen if your control thermostat is operating slightly above the design set point. Therefore, if you monitor the system closely to ensure that you are getting no bubbles in the coolant that is leaving the Aqua Hot unit as it travels to the expansion tank, especially at higher altitudes, an unpressurized system should work well.
If you can find a 7 PSI cap to fit you Aqua Hot unit (some Aqua Hot units have an nonstandard cap), this may be an acceptable alternative to an unpressurized system.
Gerald