If the python stuff is only for the gui and non-realtime stuff, this is a very
practical approach. There are quite a few people doing that. I believe Fons'
session managment and assorted apps are running that way (altough he doesn't
seem to release them). Some of my prototype apps for the next-generation
JackMix are built that way. And I would have done this for my university-job
project had I learned python earlier.

Doing applications in python with the sound-stuff happening in a separate C-
compiled thread) gives that advantage that you can implement the apps as
 modules and run them either stand-alone or within a bigger controlling app.