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Re: Profile Evaluation - LOR from Professor of Practice discounted?
By "T7" I assume you mean top 7 PhD program.
A letter from a Professor of Practice, or lecturer, is fine. The key is that the person can speak to your ability to do graduate level economics, or your work ethic, or your research experience. This usually comes across in a letter by way of comparisons to previous students.
A letter from a professor who taught a graduate class is good, but less useful if all he/she can say is that you took the class. If you didn't get to know him/her, the letter won't be that strong. The class and grade will be on your transcript.
Taking a year off of school to do research is a great option if you want some research experience, or want to solidify your desire to go to graduate school. Doing it just for the possibility of a stronger letter is not a good reason.
I would also encourage you to get feedback from your other two letter writers on this. They know you and your options best.