once part of my compiler suite and derived from python-mingw i created a local build with the latest mingw.
its a no bells and whistles version (no site-packages) but else allmost complete and fully working python interpreter. (only missing tkinter for pywin) but you can use wxpython for the gui stuff instead.
usage of it is pretty straight forward just unzip the archive in the mingw folder and you're ready to go.
depends on libiconv gettext and gdbm and i included the later since no ready made packages can be found, gettext and libiconv you can get from the mingw site.
it works best from a standard command shell allthough with some small hacks i could build python stuff with the msys shell.
the benefit of this build is you dont need to setup a ton of stuff to compile python scripts with mingw since its a part of the mingw compiler when unpacked in its folder.
things i know work are apsw cherrypy wxpython sqlalchemy easyinstall readline pyflakes xmlmod libxml2mod libxsltmod py2exe kid PIL pycurl scons hg pyluscene (only mingw-3.4.5 or older as newer versions have broken java).
things that barf rather diligently are pygtk (expects unix paths argh) only part i could actually get building from pygtk was pycairo
.
installers for pygtk do not work with this python as it is not registered with the system the installer fails to find it.
if the codeblocks team finds use for it (for plugins or as a compliment to the ide or complete package) i will send them my work.
if they need the source its no problem either but compiling it needs cygwin for some tools missing in mingw/msys.
the application itself can be found on my googlecode site soon.