Hi Chris,
I do not have detailed data about differences in performance between Python and Java interfaces, anyway Java API in embedded server is the most performing in absolute, you can expect more than twice as the performance IMHO.
Embedding OrientDB in Java applications is a very common practice, your application will be able to expose REST services on its own port, then you can decide to just use OrientDB as a plocal db (without binary/REST interfaces enabled) or to start it as a full featured embedded server (with plugins, binary and rest interfaces). There is no need to touch the source code, basically what you need to do is just open a db connection with "plocal:" path.
Luigi