You can fetch the padding value from the argument list:
print '%*s : %*s' % (20, "Python", 20, "Very Good")
You can even insert the padding values dynamically:
width = 20
args = ("Python", "Very Good")
padded_args = zip([width] * len(args), args)
# Flatten the padded argument list.
print "%*s : %*s" % tuple([item for list in padded_args for item in list])