Essentially what you need to do is find a version of the mod for 1.4.7 and resolve any ID problems you come across. Magic farm doesn't really add anything to new and odd for it to not be compatible with other mods.
Plus I don't know what version of magical crops you are used to but the 1.4.7 version is very cut down and is missing a lot of cross mod crops. Seems to only support vanilla resources.
Then again you can always try it and see.