Depends on the procedures of the airlines, the available runway length etc. You can comfortably use a V2 range between 120 and 175 for a 737-700. After all you can use flaps 1, 5, 15, 25 for takeoff with thrust settings between 18 and 24k lbs, and you can of course use improved climb V2s as well which would shift them to the higher end of said range.
Designing departure procedures you have to cater for the highest possible speed or restrict speeds, otherwise you will have a turn radius problem. Lowest speed restriction i've seen so far was 190ktias, however i'm quite sure there are lower ones out there as i have seen mainly european airports so far.