I just updated an old post on using Python with MySQL on OS X. The good news is that you don’t need to create an extra directory of symbolic links anymore. The not really bad news is that you have to be careful about 32-bit versus 64-bit.
Ideally, you’ll first upgrade to a 64-bit version of MySQL 5.1 or later, unless you already have. Then, follow Geert’s simple instructions for building the MySQL Python connector.