The problem you may have is that the DC resistance menas that about 10A will flow through each winding at 35V. This may be well in excess of the maximum for the motor.
The 35V may only be valid in certain situations where the PWM is used and the frequency is such that a higher voltage (35V) is required to allow the current through the winding to ramp up fast enough to its working value (it may be 2A - say). Applying 35V continuously may cause smoke to come out.
Without the specs on the stepper, this is just a heads up.
I personally think it would be hard to underestimate the utility of a zener regulator in this environment. Its utility is likely to be very low. Of course, knowing the peak, average (and for a zener regulator, minimum) current requirements we simply can't say.
In theory you can place a 7V (or higher) zener in *series* with the input voltage, and have a shunt resistor to ground to allow a certain minimum current to flow, but you're (possibly) going to need a pretty high power Zener and it only drops the voltage, it doesn't regulate it at all. In this case a simple series regulator using a zener as its reference is likely to perform better.