Anyway, here's what I came up with (no warranties as it was all trial-and-
error):

$ cat readline_callback.py
import ctypes
import ctypes.util
from ctypes import c_int, c_char_p
import readline
import sys

rlname = ctypes.util.find_library("readline")

# int rl_add_defun (const char *name, rl_command_func_t *function, int key)
# typedef int rl_command_func_t (int, int);
# int rl_done
# char * rl_line_buffer

rl = ctypes.CDLL(rlname)

RL_COMMAND_FUNC = ctypes.CFUNCTYPE(c_int, c_int, c_int)

intercepted_line = None
def lovely_spam(a, b):
    global intercepted_line
    print
    intercepted_line = c_char_p.in_dll(rl, "rl_line_buffer").value
    rl.rl_insert_text("*" + intercepted_line)
    c_int.in_dll(rl, "rl_done").value = 1
    return 0

def control(c):
    return ord(c.upper())-64

rl.rl_add_defun("lovely-spam", RL_COMMAND_FUNC(lovely_spam), control("P"))

#rl.rl_add_defun("lovely-spam", RL_COMMAND_FUNC(lovely_spam), -1)
#readline.parse_and_bind("Control-P: lovely-spam")

$ python -i readline_callback.py