Here's an idea for a proof that uses some, but hopefully not too much, arithmetic. If you know the power series
$$-\ln(1-x)=x+{1\over2}x^2+{1\over3}x^3+\cdots$$
then you can get started by finagling the desired inequality as follows:
$$\begin{align}
7^{31}\gt8^{29}&\iff31\ln7\gt29\ln8\\
&\iff31\ln(8-1)\gt29\ln8\\
&\iff31\left(\ln8+\ln\left(1-{1\over8} \right) \right)\gt29\ln8\\
&\iff2\ln8\gt-31\ln\left(1-{1\over8} \right)\\
&\iff6\ln\left(1-{1\over2} \right)\gt-31\ln\left(1-{1\over8} \right)\\
&\iff6\left({1\over2}+{1\over8}+{1\over48}+{1\over64}+\cdots \right)\gt31\left({1\over8}+{1\over128}+{1\over1536}+\cdots \right)
\end{align}$$
The final ingredient is to use the inequality
$${1\over n}x^n+{1\over n+1}x^{n+1}+\cdots\lt{1\over n}\left(x^n+x^{n+1}+\cdots \right)={x^n\over n(1-x)}$$
in truncating the infinite sum on the right. It may take a couple of attempts to find truncations that work.
Added later (after seeing math110's answer): I had quite forgotten my own answer (from two years ago) to the problem of proving $\sqrt7^\sqrt8\gt\sqrt8^\sqrt7$. In it, I showed all the steps necessary to establish
$$-\ln\left(1-{1\over8} \right)\lt{137\over1024}\quad\text{and}\quad6\ln2\gt{1063\over256}$$
So all that remains here is to note that
$$4\cdot1063=4252\gt4247=31\cdot137$$
Whew!