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I use code page 65001 because 1) it displays the UTF-8 characters in my text files with "echo <filename>" on the command line, and 2) that's Microsoft's "official" (whatever that means) code page for UTF-8, and 3) it works in cmd.exe.
Setting aside why I use it, it IS used by some, and Python shouldn't GPF for ANY reason if it can be easily fixed. Right?
Essentially, 65001 makes Microsoft's console output behave properly (at least with the limited characters in Lucinda Console) so I would think Python should consider not blowing up when it's set. 
To be honest, I just happened to have it set to 65001 to get the output from another program to look right and just happened to run Python to do some quick unrelated calculations.
Imagine my surprise when Python blew, especially when all I did was to run it. It's not like I asked it to do any UTF-8 or anthing!
Anyway, as far as I understand... Any GPF is a potential back door. So, it needs closing.