Depending in who the client is, a simple protection mechanism, combined with a sensible license agreement will be far more effective than any complex licensing/encryption/obfuscation system.
The best solution would be selling the code as a service, say by hosting the service, or offering support - although that isn't always practical.
Shipping the code as .pyc files will prevent your protection being foiled by a few #s, but it's hardly effective anti-piracy protection (as if there is such a technology), and at the end of the day, it shouldn't achieve anything that a decent license agreement with the company will.
Concentrate on making your code as nice to use as possible - having happy customers will make your company far more money than preventing some theoretical piracy..
