"So I wanted to take the BCD value (7 in this example) and use it as my loop counter to shift left 7"

Use a lookup table:

index = (bcd_value - lowest_bcd_value) *2
mov a,index
mov dptr,#lookup_table
push acc
movc a,@a+dptr
mov r0,a
pop acc
inc dptr
movc a,@dptr
...




Erik