I checked both AOSP tree and Kernel tree for Nexus 5 (hammerhead)
In AOSP tree in device/lge/hammerhead/libsensors/sensors.h
The light sensor is Avago (used this info to look for it in the Kernel tree).
The communication is via I2C.
I2C is pretty fast, so should not be a problem to sample the sensor at high rate.
In the Kernel tree, the hammerhead device tree file (dtsi) defines using the Avago_apds993x driver. (msm8974-hammerhead-sensor.dtsi)
The driver for the avago light sensor is in drivers/misc/apds993x.c
apds993x.c - Linux kernel modules for ambient light + proximity sensor
You can look at the apds993x_als_ioctl() function.
I have noted there is a function to define the polling delay... apds993x_set_als_poll_delay()
I guess you can continue your research from here...
Apply the same logic for the Nexus 7
Hope this helps.
Daniel.