I can provide an answer to my own question as I did pick up one of these for my wife at the local MS Store (kiosk) and there was not a key card contained in the box (contrary to what the MS employee had told me...which isn't surprising given the quality of information/service I've experienced with MS sales/support reps of late).
Anyway, I began the activation of Office 365 on her Stream 7 but did so prior to setting up the device with an Outlook account (logged onto the PC with a local account). This enabled me to utilize my own Outlook email address during the activation stage and the Office 365 subscription was credited to my account. I now need to determine which devices I will apply this toward, although I believe Office 365 apps on tablets/phones have editing capabilities via a recent MS decision so I may not have to be selective in this regard and will just utilize on my PC desktop.
FWIW, after I had confirmed the Office 365 subscription was successfully set up under my account I then set up my wife with an Outlook.com account so she could download apps from the Windows App store for her Stream 7.