Create Global Event based on Time of Day

How do I go about creating an event to run a project script based on time of day?
I want to run a project script every day at 7am.

It depends on how precise you need it to be. I would recommend using a datetime memory tag holding your next deadline, and a fast-running timer event script that checks when the current time passes the deadline. At that point, compute and store back the next deadline and spawn the actual task as a background thread.