Python is not the tool you need
You must use the right tool to do the right thing, and Python was not designed to be obfuscated. It's the contrary; everything is open or easy to reveal or modify in Python because that's the language's philosophy.
If you want something you can't see through, look for another tool. This is not a bad thing, it is important that several different tools exist for different usages.
Obfuscation is really hard
Even compiled programs can be reverse-engineered so don't think that you can fully protect any code. You can analyze obfuscated PHP, break the flash encryption key, etc. Newer versions of Windows are cracked every time.
Having a legal requirement is a good way to go
You cannot prevent somebody from misusing your code, but you can easily discover if someone does. Therefore, it's just a casual legal issue.
Code protection is overrated
Nowadays, business models tend to go for selling services instead of products. You cannot copy a service, pirate nor steal it. Maybe it's time to consider to go with the flow...