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The migration from JDK5 to JDK7 should be pretty straightforward due to backwards compatibility. Of course, there might be some OS-related things that bite you but they should be pretty well known by now.
Migrating from WebLogic to AS 7.2.0/EAP 6.1.0.A (which is actually the latest version) could take some more work depending on your app etc. Even though the EE spec should make migration easy, there are usually still AS-related xml files and conventions that have to be mapped.
It depends on what you try to migrate.
If you have a EJB2 application with CMP (Container Managed Persistence for Entities) the answer will be 'maybe' as you will have more options with JBoss5.1.
But you should consider that 5.1 will not maintained in the community. If you need such features the EAP5.1 might be an option, here you wil have support until 2019 depend on the support subscription you pay for.
If you try to migrate an EJB3.x application or refactor code to be more up-to-date the latest EAP6.1.0 version would be my choice