Hi,
My Python isn't optimized for combat; it's an armed transport but she has never failed to eat any unlucky pirate that tangles with her.
I kept the size 6 slot for cargo. Put in a size 5 shield, A rated and went to Lei Cheung to grade 5 Thermal resistant. This is way cheaper than the size 6 shield, and it gives the ship a big power surplus. A biweave size 6 has a comparable strength to a 5A on a Python.
Because of the power surplus, we could downgrade the Power Plant one size to 6A, save 20 tons weight, another 20 tons of credits, and just go the Low Emissions route with iron for a good grade 1 roll.
On the utility slots, 3 shield boosters and a Point Defense. I used A rated boosters with full Resistance mods to get both strength and resist up. You will need Imperial Shielding components from High Grade Emissions USS in Empire territory.
With this shielding, my hull hasn't been touched yet. So no heavy armor is needed to slow her down. I went for grade 5 heavy duty mods on the straight lightweight hull it came with, saved another pile of weight. I would say this is the last mod you need to get. Put on a SCB to reinforce shields, and you are good.
To get mobile, you need the FSD and Engine mods from Felicity. Getting all the way to Palin for grade 5 Dirty drives can be a long term goal if you like to fight. Grade 3 is Ok for general use from the get go. I unlocked Palin eventually, and added the grade 5 drives for best performance on my ship. These are the BEST mods for a Python IMHO, and you get them from the first engineer.
Weapons:
The secret to the success of my combat with this Python is here. I have 3 cannons on the front class 3 mounts, with Long Range mods, and high explosive shell specials. They drain nearly zero power and make nearly zero heat. So I run with a stock Power Distributor. In fact, I could undersize it and get away. Getting these guns locked onto a Power Plant is often one shot instant death for the enemy, once the shields are down.
The trick to getting the guns on target is this: I put mine launchers on the size 2 mounts. They have low level High Capacity mods, which doesn't matter. That's just to get the specials: one kills engines, and the other kills shields. The mines are my secret weapon. They utterly cripple enemies. Then I just turn round and fire at them with the cannons.
To fight in a RES, I just pip an enemy with one cannon, run off while reinforcing shields, and drop 2 mine salvoes. Pretty soon, it's a shieldless sitting duck.
With this setup, you cannot take down shields easily in a dogfight. Replace the cannons with Beams or Pulse lasers if you like, or mix it to suit your preference. If you don't like mines, consider Frag Cannon Turrets with drag shells to slow your foes. They work well for knife fights. Or, build a missile boat with a couple anti ship torpedoes for a powerful Assassin build.