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If I delete the Guest account files, does Win 7 know to recreate them if I re-enable the Guest account?
I think you can only disable the Guest account, not delete it. When it's disabled its state is saved. When enabled again, it is in the same state you disabled it in.
Before you delete the quest account, keep in mind that it has special features. For example, the user cannot create a password. Bottom line, be sure you will not need it before you delete it.