You can easily set it up manually without a mic, but you can't run YPAO (which is the auto setup). You just have to enter speaker distances manually, and balance the speaker levels using the built-in test tones (a sound meter helps for the last part, but you can get close by ear). Set all speakers as SMALL and choose a crossover frequency appropriate for your speakers.
The 720 does not EQ the sub (whether you use YPAO or not). YPAO EQ for the main speakers is overrated frankly, and is unlikely to make a night and day difference. Set the sub level to get the amount of bass you want, and use the treble control if the overall sound is too bright or not bright enough. You can play with the EQ manually if you really want to.
How important is EQ sub feature in receiver? What are the value 7.1 systems with sub EQ feature and specifications I need to look out for. Previous owner left me JBL L8400P subwoofer and JBL speakers (7.1 system) in media room. I have Definitive supercube III subwoofer and speaker system (5.1) in living room. I am trying to get receiver for media room to start with.