# If you'd like to omit non-matching lines from the result; add ';d' to the end of the expression.
sed -E 's/(?(?=.*?^\h*param\h*=\N*).*?\K^\h*param\h*=\N*|.*?\K^\h*#+\h*param\h*=\N*)/${2}7/sm;t' <<< " ### param = 1
# param = 2
# param = 3
param = 4
# param = 5
"
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for SED, please visit: https://www.gnu.org/software/sed/manual/html_node/The-_0022s_0022-Command.html