It is possible to machine 8.4" discs to 7.5". It has been done to vented discs on some brake kits I've seen, so I can't imagine it would be an issue with the solid discs (they get machined to 7.9" on heaps of kits too)...
I've looked very closely lately at using machined down 8.4's with 'S' calipers. Long and short is it won't work without mods and from a cost and safety point of view it's probably not worth it. I've just ordered a 7.5" 'conversion' kit
Basically, as far as I could see, the 7.5" disc (as standard) sits much further 'in' (closer to caliper mounting flange), so you would need to machine down the caliper mounts/hubs to move the caliper into the 'right' position to sit over the cut down 8.4 (which sit further 'out'). The construction of the 8.4" disc (well the ones I have here anyway) rules out moving them in because of the mounting boss for the drive flange (guess that's why the 'S' ones are 'hollow' in the middle)... I don't think they will move far enough in without fouling on the hub and I would not turn the centre down as this is where all the metal is that the drive flange bolts to. I guess you could mod the hub but then you're going to have issues find some way to seal the bearings...
It's all a catch '22' and seemed a huge PITA so I'm just going for something I know will work and is safe.