That's great! I also managed to get python running in the kobo touch. My approach was to take the necessary arm debian packages to have a fully working interpreter:
Code:
libncurses5_5.7+20081213-1_armel.deb
libncursesw5_5.7+20081213-1_armel.deb
libreadline5_5.2-3.1_armel.deb
python2.5_2.5.2-15+lenny1_armel.deb
python2.5-minimal_2.5.2-15+lenny1_armel.deb
python-minimal_2.5.2-3_all.deb
readline-common_5.2-3.1_all.deb
and build a KoboRoot.tgz from them.