There is a very similar thread on a Python mailinglist that mentions Windows virtual COM ports and discusses Unix's pseudo-tty capabilities. If the app(s) you want to use let you type in a specific tty device file, this may be the easiest route. (Short of asking the authors to provide a plugin API for what you're trying to do, or buying yourself a $20 bluetooth GPS mouse.)
Are you using OS X?
There is a project macosxvirtualserialport on Google code that provides a graphical wrapper around some of the features of a utility called socat. I'd recommend taking a look at socat if you see potential in the pseudo-tty route. I believe you could use socat to link a pipe from a Python program to a pseudo-tty.
Most native Mac apps will be querying IOServiceMatching for a device with kIOSerialBSDRS232Type, and I doubt that a pseudo-tty will show up as an IOKit service.
In this case, unless you can find a project that has already implemented such a thing, you will need to implement a driver as described in this How to create virtual COM port thread. If you're going to the trouble of create a device driver, you would want to base it on IOKit because of that likely IOServiceMatching query. You can find the Apple16X50Serial project mentioned in that post at the top of Apple's open source code list (go to the main page and pick an older OS release if you want to target something pre-10.6).
If your app is most useful with realtime data (e.g. the RouteBuddy app mentioned in the Python mailinglist thread can log current positions) then you will want to fetch updates from your web sources (hopefully they support long-polling) and convert them to basic NMEA RMC sentences. You do not want to do this from inside your driver code. Instead, divide your work up into kernel-land and user-land pieces that can communicate, and put as little of the code as possible into the kernel part.
If you want to let apps both read and write to these web services, your best bet would probably be to simulate a Garmin device. Garmin has more-or-less documented their protocol in the IntfSpec.pdf file included with their Device Interface SDK. Again, you'd want to split as much as you could into user-space code.
I was unable to find a project or utility that implements the kernel side of an IOKit-based virtual serial interface, but I'd be surprised if there wasn't one hiding somewhere out there. Unfortunately, most of the answers I found to that question were like this, with the developer being told to get busy writing a kext.