There is already Pyrex and Cython (a friendly fork of Pyrex that adds more features) for making optimized modules for Python. http://wiki.cython.org/FAQ
So that stuff is more mature.
But simply taking Python, translate it to C++, then compile optimized binaries is a pretty damn neat trick.
What I am curious about, however, is how well shedskin works for programs that heavily use Python modules. Since Python is largely worthless, for it's current typical usage, without heavily relying on modules.