More a direction than a solution.
Use 'formatexpr' or 'formatprg'.  When a line exceeds 'textwidth' and passes the criteria set by the 'formatoptions' these are used (if set) to break the line.  The only real difference is that 'formatexpr' is a vimscript expression, while 'formatprg' filters the line through an exterior program.
So if you know of a formatter that can do this transformation to lines of python code, or are willing to write one, this will give you a hook to have it executed.  And since vim supports python (see :help python) you can even write your python formatter in python.
                  rampion
                   2009-08-22 07:46:39