Can't you just replace /sbin/initor provide a parameter to the init=...loader? Just make sure you put python + libs in the root file system.
edit I did not want to beat the system, so it was not tested, but looked at linux/init/main.c:
static void run_init_process(char *init_filename)
{
argv_init[0] = init_filename;
kernel_execve(init_filename, argv_init, envp_init);
}
, (python) script init; execve - , . , stdin stdout /dev/console, init=/bin/sh . ( ?)