Just tried this out on a reasonably complex project to see what it outputs. Looks like it only handles individual files and not any python imports in those files. So for now you have to manually convert each file in the project and put them into the correct location within the build/src/grumpy/lib directory to get your dependencies imported. Unless I missed something somewhere.. The documentation is a bit sparse.
Overall I think the project has a lot of potential and I'm hoping it continues to be actively developed to smooth out some of the rough edges.