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Here is a script that documents how to make such files. I think the important part is just documenting the format. Then people can write whatever tools they need around it. Many people could get by with this simple tool, but others might want something more elaborate.
Demo:
andychu testprog$ find
.
./__init__.py
./package1
./package1/__init__.py
./package1/foo.py
./package1/lib.py
./package1/__init__.pyc
./package1/lib.pyc
./package1/foo.pyc
andychu testprog$ find -name "*.py" | xargs ../Tools/scripts/makepyz.py -a zip,pyz,unix -z foo.zip -p package1 -m foo -y /usr/local/google/clients/python/trunk/python
Added ./__init__.py to foo.zip
Added ./package1/__init__.py to foo.zip
Added ./package1/foo.py to foo.zip
Added ./package1/lib.py to foo.zip
Added __zipmain__.py to foo.zip
Prepended #!/usr/local/google/clients/python/trunk/python -z to foo.zip.
chmod foo.zip 0700
andychu testprog$ ./foo.zip
lib module here
argv: ['-c']
andychu testprog$ echo $?
3
File Added: makepyz.py