I was able to reproduce the problem with the advanced release version 7u12 as well, so I'm guesing 12 won't fix it either.
Since JDK7 is open source, is there a reason we can't simply build it from source for OSX with the opengl pathway disabled?
The crucial stack frames appear to be:
libGL.dylib 0x00007fff8f3512b4 glGetString + 15
liblwawt.dylib 0x0000000114a40fbb Java_sun_java2d_opengl_OGLContext_getOGLIdString + 35
We either need to patch libGL.dylib to force glGetString() to return something (perhaps "") without crashing, or instead patch liblwawt.dylib so that getOGLIdString() returns without crashing. I'm not sure even why these are being called, since my understanding is that sun.java2d.opengl is false by default (and I've set it to false in _JAVA_OPTIONS with no change in behavior).