if you want to allow access to hardware, generally you are going to need to give some admin rights.
If this is about using com ports for printers, or com ports for Palm pilots.. or some specific use.. then perhaps there is software already out there,
perhaps you could create a hardware profile for the user
.. perhaps you could create a piped device, then give the users access to the pipe you created.
The specific needs - more description might help the more knowledgeable WinAdmins to help.
[EDIT - in response to added detail]
I'm a bit confused, but I'll try.. if you are working in a lab where the users/students have access to open motherboards, then you can work with hardware hacks, jumpers, and tweaking the drivers. The manufacturer of the mobo or parts may even have a devkit (developers kit) that allows you to directly program the device.
However, since you say you are using Win 7 and group policy, I think you are using full workstations. Win 7 ( and most of the more modern OSs) really go out of the way to prevent direct hardware access. If you give your users hardware-level access, then they can defeat nearly any software protections in place. ( with the knowledge and or tools)
There are also external port adapters, dongles, and other devices ( think like the old game cheat adapters - you put that inline with a controller, and moved a number of switches to change the way a game reacted)... that you can put in.
If you want to teach about port behaviours, I'd get some older DOS or Win 98 or workstations, use Linux (without SELinux) or get an Arduino kit for your users.
if you need something more.. restart the question with more specific info, please.