You can try to download and run the first Android Develop Studio Beta that ever appeared on the website (0.8.0), I don't think they ever supported 10.7.5, but you can try. Check to see what version of JDK worked on 10.7.5, install it, then install one of the versions of eclipse from Indigo to Mars and then install the above mentioned plugin. Go with the previous Android Development solution : Eclipse IDE Indigo or higher + ADT bundle plugin.
There you can install the latest version of Android Studio with no hassle. You don't need to update your Mac OS 10.7.5, it will remain intact, but you will boot on linux to develop Android Apps.
If you are someone who wants to try out the cool new features of Lion today, by all means take the plunge. You install ubuntu (I recommend Linux Mint 17.2 "Rafaela" - Xfce RC (32-bit) as it's lighter on your CPU and RAM) and dual boot. Apple has kept OS X 10.7 Lion and OS X 10.8 Mountain Lion available for customers who have machines limited to the older software, but until recently, Apple was charging 19.99 to get download. That said, this is Mac OS X version 10.7.0note the zero at the end.
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