Yes, it will work fine. Our 94" x 42" table can seat 4 on each side and 2 at each end. With a 7' table length, 3 people on the long side will be a bit roomier than ours.

You need to allow 24”Wx15”D of clear table space, with unshared corners, to each person. And 36”x24” for each person from the table to any adjacent wall.

Do the math.

You may find it difficult to get table cloths that are wide enough for a 4' table, mine is similar size and they aren't easy to find.

All true and good points!