This page http://randomsplat.com/id5-cross-compiling-python-for-embedded-linux.html has straightforward instructions for building Python. My build commands look like this (after doing the first part of the build which you MUST do before you set the SDK environment:
SDK 05.07:
- source ~/environment-ti
- ./configure --host=arm-linux --build=i686-linux-gnu --prefix=/
- make HOSTPYTHON=./hostpython HOSTPGEN=./Parser/hostpgen BLDSHARED="arm-arago-linux-gnueabi-gcc -shared" CROSS_COMPILE=arm-arago-linux-gnueabi CROSS_COMPILE_TARGET=yes HOSTARCH=arm-linux BUILDARCH=i686-lnux-gnu
- make install HOSTPYTHON=./hostpython BLDSHARED="arm-arago-linux-gnueabi-gcc -shared" CROSS_COMPILE=arm-arago-linux-gnueabi CROSS_COMPILE_TARGET=yes prefix=~/Python_507/_install
SDK 06.00
- source /opt/ti-sdk-06.00/linux-devkit/environment-setup
- ./configure --host=arm-linux --build=i686-linux-gnu --prefix=/
- make HOSTPYTHON=./hostpython HOSTPGEN=./Parser/hostpgen BLDSHARED="arm-linux-gnueabihf-gcc -shared" CROSS_COMPILE=arm-linux-gnueabihf CROSS_COMPILE_TARGET=yes HOSTARCH=arm-linux BUILDARCH=i686-lnux-gnu
- make install HOSTPYTHON=./hostpython BLDSHARED="arm-linux-gnueabihf-gcc -shared" CROSS_COMPILE=arm-linux-gnueabihf CROSS_COMPILE_TARGET=yes prefix=~/Python_600/_install