I'm looking for some insight on how to formalize my ideas for this proof.
So because the sequence is null, we know that the sequence taper off to $0$ for some $n$ values beyond $N$. We can therefore use $N$ to divide the sequence into a finite, non-empty part (the part before $N$) and an infinite, bounded part (the part after $N$).
There is a theorem stating that every finite, non-empty set has a maximum, so we know that the part of the sequence before $N$ has a maximum. Since we know that the part after $N$ tapers off to $0$, we know that this maximum value applies to this part of the sequence too. Thus, every positive, null sequence has a maximum.
All your arguments can be formalised. Let's call the sequence $(x_n)_n$.
First, you split the sequence into a finite part and a tail. We can do this a bit more explicitly: let $\epsilon = 1$, then we can find a natural $N$ such that for every natural $n>N$, we have $\lvert x_n - 0\rvert < \epsilon$, which means every element in the tail of the sequence is smaller than $\epsilon$.
Now, we know that $M := \max\{x_1, x_2, \dots, x_N\}$ exists, because the maximum is taken over a finite amount of (finite) numbers. This is probably close to the theorem you stated.
We can finish the proof by noting that every element of the sequence is smaller than $\max\{\epsilon, M\}$.
Note that you stated that since the sequence tapers off to 0, every element in the tail is also smaller than $M$. This is only the case if we manage to choose the right $\epsilon$. Can you see why?