Sure. From a mindless technology article called "Make Python Scripts Droppable in Windows", you can add a drop handler by adding a registry key:
  Here’s a registry import file that you can use to do this. Copy the
  following into a .reg file and run it
  (Make sure that your .py extensions
  are mapped to Python.File).
Windows Registry Editor Version 5.00
[HKEY_CLASSES_ROOT\Python.File\shellex\DropHandler]
@="{60254CA5-953B-11CF-8C96-00AA00B8708C}"
This makes Python scripts use the WSH drop handler, which is compatible with long filenames. To use the short filename handler, replace the GUID with 86C86720-42A0-1069-A2E8-08002B30309D.
A comment in that post indicates that one can enable dropping on "no console Python files (.pyw)" or "compiled Python files (.pyc)" by using the Python.NoConFile and Python.CompiledFile classes.