Your performance will be absolutely horrible compared to Redis. I can't see doing this for anything production-worthy. (Miniredis was made for a very specific use-case where the performance hit was fine--and even there, we've replaced it with the real Redis for the next version.)
However the problem with this approach is that you get a lot less performances and memory efficiency.
Not sure about memory efficiency. You can use __slots__ in Python or custom data structures (e.g. blist) if you have specific needs.
I've no idea about __slots__, just a feeling that there are too much underscores to work well ;) But in general to get as memory efficient as Redis in a scripting language is very hard for different (good) reasons.