Unfortunately, net-snmp has not yet included support for creating an agent in python. If you look at README in the python directory of the net-snmp source tree, it says:
The netsnmp module provides a fully functional, trilingual SNMP client API (SNMPv3, SNMPv2c, SNMPv1).
It seems like they have updated the frequently asked questions and removed all references to python.
If you are configured to use python, you can check out PySNMP as an alternative. I have no personal experience, but the project is active (the last update was in January of this year), and it looks like most functions except AgentX support (therefore, you cannot create a subagent that connects to snmpd).
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