Hi.
you can configure the 7600 to span all 20 virtual firewall vlan interfaces and forward them to the IDSM. example:
monitor session 1 source vlan 200 - 220 (change this to reflect your vlan)
monitor session 1 destination intrusion-detection-module 8 data-port 1 (assuming module is in slot 8 and using data port 1)
Then on the idsm itself, you set this up just like any other sensor. you assign the physical interface you used above to the virtual sensor and you can configure you signatures etc..
then i recommend configuring the sensor side using idm:
http://www.cisco.com/en/US/docs/security/ips/7.0/configuration/guide/idm/idm_getting_started.html
As for global correlation although it's usually used with inline mode, But it can also add benefit in promiscuous mode. for example you may see signatures that are normally informational get elevated to medium. And depending if you are using blocking or not it might drop the traffic.
As for failover. IDSM doesn't have a failover mode (like FWSMs). but there is no need for it when you are in promiscuous mode. just configure both blades the same way and monitoring the same vlans (which should already be trunked across the switches). This way the IDSM on which the switch is getting the traffic will act on the traffic.
Let me know if this answers your questions.
Regards,