-Gul
[1] http://code.djangoproject.com/wiki/DynamicModels
[2] http://code.google.com/p/django-evolution/
A cursory look at the django-evolution source reveals what I expected:
it looks at the in-memory model class. Ordinarily, this will be
created by writing a model in models.py directly, but it's quite
possible to use database-backed model definitions and have them show
up in an app's 'models' module. Django evolution would then have no
way of knowing whether the model was written out by hand, or generated
dynamically.
I admit, I haven't done a thorough test of storing model definitions
in a database, but it really should work, and without having to
automatically build/edit your models.py file. Now that Django
Evolution is gaining traction, I may set up a separate Google Code
project just to create an app for managing dynamic models.
I don't know yet though, and I certainly wouldn't have it done in the
next few days or anything, so if you have more urgent need, feel free
to continue with it on your own. I'd be happy to answer any questions
you have about the process, to the best of my ability.
-Gul