Here's a couple of hints:
When trying to get this thing to work, you can just prototype all your stuff externally.
You can have a micro USB plug into the Nexus and a micro USB socket which will stand in for the Nexus socket until you migrate to the finished version.
To make this real, you're going to have to have a total of 3 USB DPST switches, that could be 1.5 USB DPDT switches.
If you can do without external USB devices, that's 2 USB DPST or 1 USB DPDT.
CD4000 series is not going to work. They have much too high an on resistance.
Real USB muxes like the TS3USB30 have much lower resistances.
The only way that I can see this project being a real win is if somebody has some PCB's made up.
You'd need at least one mux, optionally a hub, an MMC controller and a micro SD socket.
You'd also need some discrete stuff for power control and ID pin.
You'd need some way to switch direction of the USB flow.
You might snarf a GPIO pin somewhere off the motherboard.
You could add a physical switch.
You could have it that you need to insert a dummy plug in to pull down the ID pin.
When you are all done, the Nexus as a peripheral on a desktop will still not be able
to access the additional SD card, unless you add another multiplexer.
Even if you made this all up, it might be difficult to have some users here break the connection to the stock USB connector and wire up both sides.
No, I don't have a Nexus 7, which is why I am a bit aloof from all this.
I do use host mode on my Nook Simple Touch and I do charge while doing that.