An example of a similar schedule is presented in R-Drive Image help:
http://www.drive-image.com/DriveImage_Help/index.html -> Scheduled Actions, Command Line Operations, and Scripting -> Backup Sets
Generally, yes, you have to specify 7 tasks: one for a full backup, the others for the incremental backups. You need to specify the exact time for each backup. And please check that the time of the full backup task doesn't overlap with one of the incremental backups. Maybe, you'll have to set incremental backup tasks for each day except Thursday, and a specific task for that day. I'd rather draw a chart to be sure that the tasks don't overlap.