Or are there more powerful processors that MIGHT work? like the i7-840QM(PGA988 socket)? It is compatible with the DV7-4050 btw.Isn't the S1G3 socket for an AMD processor? The 430M uses a G1 socket (aka PGA988) as far as I know.
The safest upgrade would be to a i5-560M or i5-580M. If you wanted to take a chance on a different micro-architecture ... you could try a Westmere i7-620 or i7-640.