Hello,
I am the primary maintainer of the IUS Community Project. This question would be better asked via the 'answers' section of our project page on http://launchpad.net/ius.
Regardless, I am more than happy to clarify for you. IUS provides packages that strictly conflict with packages in RHEL... meaning if the original package is installed, and you attempt to install a replacement from IUS then Yum will bail with a conflict error. However, IUS also strictly does not obsolete anything in RHEL... meaning, nothing should automatically install from IUS unless you explicitly remove the original package, and replace it with something from IUS.
Be careful about installing python modules from RHEL repos with the new python runtime
This is actually not something to be concerned with for the python26 package as it is a parallel install (side-by-side) package and does not replace the system python or libraries (it is/was the only package in IUS that did not replace the system version).
On another note, python26 was EOL'd from IUS and moved to EPEL therefore the python26 package you installed is likely from EPEL. IUS relies on, and contributes to EPEL as well.
If you are concerned with Yum breakage due to subscription to third party repos, you may wish to read the Safe Repo Initiative which was written by and adhered to by the IUS Community Project