Just finished putting together the AKG K7XX with my Massdrop Minimic, both of which I've been using for gaming (when I'm not using it for HiFi). Ended up replacing the cables for both and just combined them into a single 3.5mm TRRS audio cable. The MiniMic already terminated as a female 3.5mm TRS, but the K7XX terminate into a mini-XLR. Thankful, I found a small adapter that converts mini-XLR to a female 3.5mm TRS. Both of those 3.5mm inputs were then joined by cheap headphone-microphone adapter that joins two 3.5mm TRS females in a single 3.5mm TRRS female, AKA, headset input. From there, I added a short 3.5mm TRRS male-to-male extension cable.
As a bonus, I replace the mounting mechanism to use a ModMic-style magnet attachment using 2 base clasps (one of which I cannibalized to replace the orientation of one magnet attached to the MiniMic). I've also been using a handy PS4 controller headset controller for muting the mic when I'm on PS4 (not shown, see parts list).
All in all, I've went through too many iterations to get to this point, but all is good now. At time of writing, the base mod cost an additional $36 for the cables, plus $18 for the Modmic clasps, and $11 for the PS4 thing. I'd say it's probably worth the money if you have the headset already, since you can grab the MiniMic and extra cables for less than the ModMic 5, which also seems to support single-cable mods like this (and you'd still need to buy these cables, you'd just not need to think about the clasps).
If I'm gaming, I use this setup. If I want to listen to music, I detach the mini-xlr adapter and mic, and plug in the original K7XX cable that is attached to my PC.
weight is only on the headphones, not on the mic
Possible quality impact
No mic volume slide (possible to alleviate with additional mods)
3.5mm male-to-male extension: http://a.co/gwriBFc
3.5mm female-to-male headphone/mic Y splitter: http://a.co/gZtBJns