Bob, as Shando points out, the 'pure' way would be to redraw the pie slice each time the signal changed using PIL, you could even blur it a little to give a valve glow effect. However if you want to animate the magic eye (flickering a bit say) then the time to regenerate the image might be significant and stop other parts of your display running smoothly, in which case the multiple sprite system would be better.
Another alternative that might work reasonably, depending on the range of angles you want your eye to cover, would be to have a sprite with the dark section in front of a light circle and scale it in the x direction so that it occluded a smaller and smaller amount. The disadvantage would be that the slice would become more elliptical as it shrank and light would start to show at the bottom.
Finally, the best solution if you can stick to the first design of magic eye with only one dark section, you could have two layers that rotated in opposite directions for each side of your eye, as below. The advantage of this is that the python processing load would be very small with the majority of calculations being done by the GPU.

PS I'm not sure about the aggdraw module used in the pipermail example. I think the standard PIL method to use now would be along the lines of
from PIL import Image, ImageDraw, ImageFilter
im = Image.new('RGBA', (100,100))
draw = ImageDraw.Draw(im) #this seem a convoluted structure to me
draw.pieslice([10, 10, 90, 90], 120, 60, (200, 255, 160))
im = im.filter(ImageFilter.BLUR) #if you want to blur it! (why not in place like draw?)
and in pi3d you can pass im directly to the Texture constructor (or to ImageSprite, I think)