Here\'s what I want to do.
Develop a Django project on a development server with a development database. Run the south migrations as necessary when I change the model.<
I'd either do what Lutger suggested (and maybe write a log parser to strip out just the SQL), or I'd run my migration against a test database with logging enabled on the test DB.
Of course, if you can run it against the test database, you're just a few steps away from validating the migration. If it passes, run it again against production.