If you "test" libA-dev using libT which depends on libA (stable), then you are not really testing libA-dev as it would behave in a production environment. The only way to really test libA-dev is to take the full plunge and make libT depend on libA-dev. If this breaks your unit tests then that is a good thing -- it is showing you what needs to be fixed.
If you don't have unit tests, then this is the time to start making them (using stable libA and libT first!).
I recommend using a "version control system" (e.g. bzr,hg,svn,git). Then you could make branches of your project, "stable" and "devA".
To work on branch devA, you would first run
export PYTHONPATH=/path/to/devA
By making sure the PYTHONPATH environment variable excludes the other branches, you're assured Python is using just the modules you desire.
When the time comes to merge code from dev --> stable, the version control software will provide an easy way to do that too.
Version control also allows you to be bolder -- trying major changes is not as scary. If things do not work out, reverting is super easy. Between that and the PYTHONPATH trick, you are always able to return to known, working code.
If you feel the above just simply is not going to work for you, and you must use libT-which-depends-on-libA to test libA-dev, then you'll need to rename all the modules and modify all the import statements to make a clear separation between libA-dev and libA. For example, if libA has a module called moduleA.py, then rename it moduleA_dev.py.
The command
rename -n 's/^(.*)\.py/$1_dev.py/' *.py
will add "_dev" to all the *.py files. (With the "-n" flag the rename command will only show you the contemplated renaming. Remove the "-n" to actually go through with it.)
To revert the renaming, run
rename -n 's/^(.*)_dev\.py/$1.py/' *.py
Next you'll need to change all references to moduleA to moduleA_dev within the code. The command
find /path/to/LibA-dev/ -type f -name '*.py' -exec sed -i 's/moduleA/moduleA_dev/g' {} \;
will alter every *.py file in LibA-dev, changing "moduleA" --> "moduleA_dev".
Be careful with this command. It is dangerous, because if you have a variable called moduleAB then it will get renamed moduleA_devB, while what you really wanted might be moduleAB_dev.
To revert this change (subject to the above caveat),
find /path/to/LibA-dev/ -type f -name '*.py' -exec sed -i 's/moduleA_dev/moduleA/g' {} \;
Once you separate the namespaces, you've broken the circular dependency. Once you are satisfied your libA-dev is good, you could change moduleA_dev.py --> moduleA.py and
changes all references to moduleA_dev --> moduleA in your code.