I thought I'd pass this along to anyone that uses Python in another context, and needs better performance:
I tried pypy on a financial model I wrote in Python. It normally runs about 5 minutes on my MacBook Pro, but with pypy, it reduced CPU time by 60% -- to about 2 minutes. The results were exactly the same.
Although pypy is included on the RPi distribution (in Jessie and Wheezy), you can't currently use it for Lightshow Pi, due to at least one missing package.
The audioop module hasn't been ported/completed, at least not for the distributions I cited. A quick search indicates that it has been done recently, but apparently hasn't yet made it to the RPi distribution. Of course, there may be other things missing.