I think if you want to learn you are doing this exactly right - an expensive, high-end body paired with an older standard lens, manual focus and aperture.
Now, just take those two and go take pictures. Of EVERYTHING. Shoot directly into the sun and try to vary the exposure enough to get clean clouds... take a telephoto picture and see how close you can crop in before the picture looks like crap... take some wide angle shots and try to fit a whole building into the frame by walking a block away and shooting the building from a 45 degree angle... get alot of blurry pictures of jumping dogs and kids and maybe one sharp one where you front-focused accidentally and the dog or kid "fell" into your shot... try setting the lens at f/8 and walking down the street shooting from the hip... try shooting scenery from a moving car at 1/3000... basically take lots of crappy pictures.
Now take this knowledge of what the k7 and M 50mm CAN'T do, the limitations to shooting with just this combo, and use this knowledge to "overcompensate" when you are using other lenses or cameras. Expect less dynamic range, so take that landscape shot when a wisp of cloud goes over the sun. Expect less focal range, so zoom with your legs. Expect less from AF, so prefocus on the finish line... and even as technology gets better, your skill-set from using that manual lens will see you through.
Basically, you want to develop the technique and substance of a Cuban mechanic, making parts for your '59 Cadillac El Dorado out of scrap metal and wire and necessity. Why bother? So that when you are behind the wheel of that shiny new sports car with electronic everything and automatic butt-warmers you can make that thing FLY.