As a Python lover and Android programmer, I'm sad to say this is not a good way to go. There are two problems:
One problem is that there is a lot more than just a programming language to the Android development tools. A lot of the Android graphics involve XML files to configure the display, similar to HTML. The built-in java objects are integrated with this XML layout, and it's a lot easier than writing your code to go from logic to bitmap.
The other problem is that the G1 (and probably other Android devices for the near future) are not that fast. 200 MHz processors and RAM is very limited. Even in Java, you have to do a decent amount of rewriting-to-avoid-more-object-creation if you want to make your app perfectly smooth. Python is going to be too slow for a while still on mobile devices.
