* nginx sits in universe rather than main
* There is no mention of a patch for this CVE in the changelogs
* No bug exists in either the Debian bug tracking system nor Launchpad for this particular bug
I'd recommend you download the source (easy: apt-get source nginx), add the patch to quilt and then build it (preferably using pbuilder if you're building a binary package locally).
EDIT: Or use the nginx repository from http://nginx.org/en/linux_packages.html
Secondly, a package in Debian stable mustn't have any applicable release critical bugs at the time the release is made. If after release a package (in Debian, Ubuntu or any other derivative) is discovered to allow for remote code execution in its default configuration for instance, there's no hiding behind what it says on the tin. The bug doesn't care how it's labeled and you should act on it.
Thirdly, packages in universe and multiverse only get community support, as opposed to support from Canonical for the duration of the support cycle. The entire point of having a repository system (like apt or yum) is that you can mix and match them to your liking and choose which packages may come from which source. So if you can get better support elsewhere, there should be no stopping you from subscribing to that support channel.
Personal package archives I'd generally not recommend because they may not be vetted as well as the more official repositories and the support commitment (when it exists) might not be at the same level. Could be better or worse, but you'll have to evaluate that on a case-by-case basis.
There is one now: http://bugs.debian.org/cgi-bin/bugreport.cgi?bug=730012
If you can fix the bug in packaging, why not submit the fix and make it available to all Ubuntu users? As you say, nginx is in universe. This means that it is community supported, and anybody can contribute the fix (in the form of a debdiff with the quilted patch, as you describe) and have it sponsored and the package updated.