I think supporting Python -> WASM could be one of the options we support, but there's probably always a need to support Python on the server, simply due to the ecosystem (e.g. dependencies) that's around it.
[1] https://pyodide.org/en/stable/project/roadmap.html#reducing-...
So if I had the time and energy, I'd spend my time looking at something like Mako, maybe even forking it, and making it minimal enough to build into WASM. I assume you mainly want to shove a templating library into WASM and not too much more. The rest you could offload to a smaller JS library your WASM can interface through.
I could be talking off my other end, but this is all spit balling from various things I've read, I'm by no means a total expert.