WD 500G WD5000D032 MyBook Premium & Windows 7 64-bit?

I’ve had a WD 500G WD5000D032 MyBook Premium for many years and after upgrading to 64-bit Windows 7 Ultimate, I’ve had the “WD External HDD Button & Lights” error in Device Manager since day one and have never been able to correct the problem.

My system drive is all but kaput so I backed up all of my important files and ordered a128 GB SSD as a replacement.  Why am I telling you this, honestly, I have no clue!  Anyway,  I’d rather futz around now just in case something I do causes a problem; then the failing drive will be affected and not the SSD and I can install the WD external in an error-free fashion to the new system drive.

Does anybody have a solution because I don’t want to replace a drive that works perfectly fine, other than the fact that it runs 24/7 and turns on all by itself after I turn it off.  I also don’t know if having the yellow warning triangle with an exclamation point in Device Manager will affect the performance of my PC, especially since Win7 doesn’t recognize my Nikon digital camera either…

Unfortunately, the  MyBook Premium and the application software for this drive, are not Windows 7 compatible.