You would not have any trouble doing the job or need any fancy tools. A tape measure, bic lighter and a large nail are all that's required. But a borrowed drill will work fine.
Buy the 15 dollar stand, mark the spot on it where the headphone jack is by scratch marking the correct spot, heat the nail tip with the lighter (wear a glove or use a cloth so you don't burn your fingers on the hot nail) , push the hot nail into the required spot. It will melt the cheap plastic and pop out the other side. Done.
Stick the headphone or speaker jack into the N7 from the bottom after mounting it into the microUSB connector and off you go to whatever you connect the other end to. I am certain that it will fit or that you can easily find a jack that will fit under there and equally that you will probably NOT find a portrait stand that meets your requirements.
?Improvise, adapt and overcome? (Marine Corps motto)