Ok not sure if I'm doing something wrong but I did get it to work.
I needed to use python2 like you mentioned. But I also needed to download ecdsa, slowaes and setuptools as dependencies.
Looks good!

On a different note, I'm not sure if this has been covered elsewhere, but Electrum 1.01 (which I was using this morning before I saw the new release) was not listing new transactions. I had a few transactions last night that didn't show up in 1.01 (all had 80+ confirmations) until I changed the server to ecdsa.org (all the other servers allowed synchronization but didn't display the latest transactions). Same thing in Electrum for Android. The transactions that occurred last night are not showing up, even though it says it's synchronized. I'd try ecdsa.org to see if that fixes it too but it doesn't seem to want to let me use that server.

Edit:
Switched to ecdsa.org on e4a and now everything is good.