I am playing around with getting some basic stuff to work in Python before i go into full speed dev mode. Here are the specifics:
Python 2.5.4 PyQt4 4.4.3 SqlAlc
you need change to sqlalchemy.dialects.sqlite package
setup( windows=[{"script" : "main.py"}], options={"py2exe" : { "includes": ["sip", "PyQt4.QtSql"], "packages": ["sqlalchemy.dialects.sqlite"] }})