Squawking 7700 in an airplane is like yelling “Fire” in a theater. It instantly gets everyone’s attention in Air Route Traffic Control Centers on the ground. It means setting 7700 in the transponder by turning a little tiny knob until the numbers show up in a window. read more
Squawking 7700 is definitely a good thing. You mentioned being busy. The mantra drilled into everyone is "aviate, navigate, communicate". In most circumstances, fly the plane, fly it where you want it to go, then tell someone about it. Squawking 7700 will be one of the last actions carried out. read more