No cigar, unfortunately.
usage: p4a [-h] [--private PRIVATE] --package PACKAGE --name NAME
          [--numeric-version NUMERIC_VERSION] --version VERSION [--launcher]
          [--permission PERMISSIONS [PERMISSIONS ...]]
          [--meta-data META_DATA] [--uses-library ANDROID_USED_LIBS]
          [--asset /path/to/source:dest] [--icon ICON] [--service SERVICES]
          [--presplash PRESPLASH] [--presplash-color PRESPLASH_COLOR]
          [--window] [--orientation ORIENTATION]
          [--android-entrypoint ANDROID_ENTRYPOINT]
          [--android-apptheme ANDROID_APPTHEME]
          [--add-compile-option COMPILE_OPTIONS]
          [--add-gradle-repository GRADLE_REPOSITORIES]
          [--add-packaging-option PACKAGING_OPTIONS] [--wakelock]
          [--blacklist BLACKLIST] [--whitelist WHITELIST] [--release]
          [--with-debug-symbols] [--add-jar ADD_JAR] [--add-aar ADD_AAR]
          [--depend DEPENDS] [--sdk SDK_VERSION] [--minsdk MIN_SDK_VERSION]
          [--allow-minsdk-ndkapi-mismatch] [--intent-filters INTENT_FILTERS]
          [--with-billing BILLING_PUBKEY] [--add-source EXTRA_SOURCE_DIRS]
          [--try-system-python-compile] [--no-compile-pyo] [--sign]
          [--add-activity ADD_ACTIVITY]
          [--activity-launch-mode ACTIVITY_LAUNCH_MODE]
          [--allow-backup ALLOW_BACKUP] [--no-optimize-python]
          [--extra-manifest-xml EXTRA_MANIFEST_XML]
p4a: error: unrecognized arguments: --exclude_dirs=images/logo