Just a software upgrade, no hardware changes, right?
The first time you ran Mach4 after installing the newer plug-in, did it download new firmware into the PMDX-422?
Do you remember what version plug-in you were running before? If so,what version was it?
If you still have the installer for the older plug-in, try installing that (again) and see if the 422 recognizes the 407. You (most likely) don't need to down-grade Mach4, just the plug-in. Unless you were running a really really really old version (i.e. the Mach4 version was 4.0.x.x instead of 4.2.x.x, and you installed it before July 2015).