Is Python 2.7 a must? There are python 2.6 RPMs available from EPEL repository. They install parallel to the existing python 2.4 and thus avoids breaking yum and other applications that rely on stock python 2.4.
Python 2.7 could be packaged in a similar way, but by using this existing packages from EPEL (Fedora project), you'd avoid maintaining a custom set of python RPMs. Packaging web2py and your application shouldn't be a problem. Making web2py RPMs is very straightforward and I've been doing it for a while for an internal web2py project of ours. If you decide to go this route yourself, I'd recommend reading Fedora's packaging how-to's, as they seem to be quite complete and applicable to CentOS/SL/RHEL with very minor modifications. Than just have a look at some simpler existing .spec files and go from there, it's not as hard as it might look.
