I\'m looking to create the following:
A portable version of python that can be run on any system (with any previous version of python or no python installed) and have it
Well, since I rarely accept "can't be done", there is a way to do it. Warning: it isn't pretty and you should probably look into a different scenario.
What you will need to to is determine a standard location for this top level directory. Second, using that directory as your root you will need to compile Python on each Linux distribution you want to run this on. For this you would use something like "/usr/local/myappname/platform/" to configure and compile Python to live in. In each case substitute "platform" with the name of the platform such as "/usr/local/rhel/". If memory serves the configure option you are looking for here is --prefix.
Once you have each distribution compiled you will need a script to determine which one to use and either set environment variables or have it create symlinks to the appropriate "installation" of python. I would then use virtualenv and bootstrap in that tree to keep the "in-use" python libraries even more specific.
I can't think of a common Linux distribution that doesn't have Python by default. As such you could use setup.py and/or basic python scripts to script this out since you should be able to rely in Python being present - even if its ye olde version as in RHEL installs. Personally I find the above method overly complicated but it would meet your stated requirements with the allowance for a final script. Of course, you could use shar (SHell ARchive) to tar all of this into a runnable shell script to do the installation and avoid the need for secondary scripts. If you gzip the resulting shel archive then you can decompress it on target systems and execute it to set everything up.
All that said, I would not recommend this. I would recommend determining the minimum Python version you can run on and ensuring that is installed by the distribution whenever possible and if needs be pulling down from a repo and installing. Then, use virtualenv and bootstrap with a requirements.txt to install necessary python libraries and apps into the virutalenv. For that see this documentation