If you just want to convert the values to nice looking strings do the following:
twodecimals = ["%.2f" % v for v in vars]
Alternatively, you could also print out the units like you have in your question:
vars = [0, 1, 2, 3] # just some example values
units = ['kg', 'lb', 'gal', 'l']
delimiter = ', ' # or however you want the values separated
print delimiter.join(["%.2f %s" % (v,u) for v,u in zip(vars, units)])
Out[189]: '0.00 kg, 1.00 lb, 2.00 gal, 3.00 l'
The second way allows you to easily change the delimiter (tab, spaces, newlines, whatever) to suit your needs easily; the delimiter could also be a function argument instead of being hard-coded.
Edit: To use your 'name = value' syntax simply change the element-wise operation within the list comprehension:
print delimiter.join(["%s = %.2f" % (u,v) for v,u in zip(vars, units)])
Out[190]: 'kg = 0.00, lb = 1.00, gal = 2.00, l = 3.00'