My 2 concerns are retaining my payee list and an online bill pay. AFAIK, only Quicken has that option - and only for Windows. 'tis why I have a VM. I have to review my situation this month as Intuit is locking me out of online retrieval et.al. unless I upgrade to their 2012 release (running 2009.)
Unless I am misunderstanding your requirements, I can do that on Quicken 2007 Mac. I haven't tried it on the update they released yesterday, but I dind't see anything about it being removed, so I'm assuming it's still there. I use my bank to process the payments, but type them into quicken & upload them from there. I don't use Quicken's bill pay service.