Jesus christ you two, quit bickering.
The universal has the version.json in it for anyone who knows what they are doing and give a shit about it to use. That's it. Its there because there is no reason for it NOT to be there.
As for the installer bundling the libraries. This will never happen. Simply put it would multiply the storage costs on our servers 40 fold with redundant data. Hence the point of having the installer download the files.
As for the issue you are having with being able to use the installer. You need a internet connection, thats the rub of it. Something in your setup is screwing with the list of mirrors the installer downloads. Check your firewall/proxy/whatever settings. I just verified with that installer that it works fine with a valid internet connection. So the installer is fine.
As for 1.7.10, Diesbien is correct. You should stop using it if you expect support here on the forums. It's 3+ years old I don't care if you play it but its ancient in Minecraft terms and expecting us to actively support you using it is just plain wrong.
Now, as for the libraries itself. We do have this archive that contains some of the libraries. I have not verified that it contains everything needed for 1.7.10, because again it's old as hell and we don't actively provide support for it. Maybe if Diesieben or someone else wants to gather up a list of libraries for 1.7.10 I can add them in.
Anyways, No Forge installer need admin access. It only write to the folder you tell it to. By default that being the %appdata%/.minecraft folder. Which DOES NOT require admin privileges, which is why Minecraft uses that folder. As I said above, the issue is your network settings. Something is in the middle corrupting the data being downloaded by the installer.