There's Plenty of Material
My favorite Python song is the Galaxy Song which is nothing short of brilliant. I'd love to see it in a musical. (It would need a VERY large stage.)
How about an "intelligent alien" or time traveler from the future who travels to Earth only to come in contact with dozens of Python sketches? Sort of a "Hitchhikers Guide to Earth". The only problem I foresee would be how to resuscitate the audience from laughing so much.