Wasmtime's `wasmtime-py` embedding in python has support for Wasm Components: https://github.com/bytecodealliance/wasmtime-py#components (disclosure, I helped create it)
The remaining piece of the puzzle would be to create a wit-bindgen guest generator https://github.com/bytecodealliance/wit-bindgen#guests for this build of the python interpreter. You could then seamlessly call back and forth between the host and guest pythons, without even knowing that wasmtime is under the hood.