Set #7037 included cowboy rider, plastic Western tack with saddle pad, and comb. On the 2006 Retired List.
Set #720029 is the same set as #7037, but the Cowboy has a blue outfit instead of red (still need to verify if this model has a dorsal stripe). Ongoing research, but this may have been a 2006 run through places like Target, based on similar numbered Ponies sets.
#7037 Cowboy & Rider Set and #300712 Playful Horse & Foal Set have nearly the same color, stockings and blaze. #7037 has a shorter mane and tail and a dorsal stripe. #300712 has a much longer mane (on the opposite side of the neck) and tail and a newer looking paint job.
Side note: If possible, try not to store model with plastic tack attached. After time, the plastic can stick to the model and cause paint damage.