I suggest you focus on CPython.
http://www.network-theory.co.uk/docs/pytut/CompiledPythonfiles.html
Rather than a Scheme to .pyc translator, I suggest you write a Scheme to Python translator, and then let CPython handle the conversion to .pyc. (There is precedent for doing it this way; the first C++ compiler was Cfront which translated C++ into C, and then let the system C compiler do the rest.)
From what I know of Scheme, it wouldn't be that difficult to translate Scheme to Python.
One warning: the Python virtual machine is probably not as fast for Scheme as Scheme itself. For example, Python doesn't automatically turn tail recursion into iteration; and Python has a relatively shallow stack, so you would actually need to turn tail recursion to iteration for your translator.
As a bonus, once Unladen Swallow speeds up Python, your Scheme-to-Python translator would benefit, and at that point might even become practical!
If this seems like a fun project to you, I say go for it. Not every project has to be immediately practical.
P.S. If you want a project that is somewhat more practical, you might want to write an AWK to Python translator. That way, people with legacy AWK scripts could easily make the leap forward to Python!