Well, 1/720th of a foot is 0.01666" and 1/700th of a foot is 0.0171", so the difference is a bit less than a thousanth of an inch per foot.
But, such differences are only the digits. Some kits are "finer" to the eye than others, this can 'defeat' their similarity in scale.
Like as not, your best bet is to not have vessels of similar type at differing scales where they are close enough to compare. So, I think (just me, others may differ) you could "get away with" having, say 1/700 escorts around a 1/720 carrier as a for instance. Maybe. Depending on which kits, etc.
Because, that will be the "rub" of it. That 70's era Revell "1/720" carrier (which might be, oh 1/728 or so) might not 'group' well with a new Trumpter 1/700 DD. Or it just might, kits vary.
Scale will/can "getcha" too. Underway replenishment is about as close as working naval vessels get without Courts of Inquiry. UnReps are about 150 to 200' of seperation--that's about 3" in 700/720 scale. Even 'closed up' as close as 1000 yards, that's 50" to scale. If we postulate that we can "crowd" a diorama a bit, even a couple of feet of seperation will 'blur' scale differences a bit.