I'm not sure about LW 4.7, I'm using LW 4.16 myself. The update on the search page does disappear after a search for me. Try going to Tools -> Options -> Updates & set it to only notify for Beta releases. Might make no difference, but might.
The update notification might be in a different location for LW 4.7. I cannot remember. For me it's in the middle of the search results window after opening LW.
Edit: Oh you mean the yellow strip at the very top of the search window. Unfortunately that's stuck there. That was introduced after 'fake' updates were showing up for LW.