You can get the string you want (apparently implying a big-endian, 32-bit representation; Python internally uses the native endianity and 64-bits for floats) with the struct
module:
>>> import struct
>>> x = 173.125
>>> s = struct.pack('>f', x)
>>> ''.join('%2.2x' % ord(c) for c in s)
'432d2000'
this doesn't yet let you perform bitwise operations, but you can then use struct again to map the string into an int:
>>> i = struct.unpack('>l', s)[0]
>>> print hex(i)
0x432d2000
and now you have an int
which you can use in any sort of bitwise operations (follow the same two steps in reverse if after said operations you need to get a float
again).