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You can purchase a kit to install these in any sight from either www.brownells.com or from www.midwayusa.com. Brownells also carries a wide variety of aftermarket sights by several makers for many brands..Consult their Tech Staff via an e-mail to see exactly what drop-ins they may have BTW Certain Colt Python revolvers are high on the collector charts and are valued quite high..if all original and such additions would tend to devalue the gun....GREATLY!!!!!
Please allow me to add some emphasis to what Zeke posted above:
The lowest priced Python we sold in the gun shop where I work, in the past year and a half was $1150 - for a v.good condition 6" piece in deep blue. The highest price piece we sold was $1450 for a 2.5" deep blue in EXCELLENT with Box condition. Please keep this in mind before you do anything drastic.
Those are about the prices I see in my area for Pythons in those conditions. Python snubs are very uncommon, which is what kites the price up for those.
BTW, Both the front and rear sights of a Python are removable. The front is retained with a cross pin as is the rear. The front varies in height with barrel length and that dimension must be maintained when fitting a new blade. The blade is a simple flat piece of steel which is not all that difficult to make..and to use the kit discribed to install an insert of any color you want..The kit uses a 2 part liquid and several dyes. The rear sight "blade" can be modified by use a milling machine to cut the grooves for the white out line markings, then using the same kit to back fill those grooves. To maintain the originality and with that,the value, I suggest finding these parts...but MILLET did make a drop-in rear with a white outline for the Python. Just bag up and save the original parts.....
The rear sight on the Python (at least one I had handy to look at --- early Pythons may have had a different adjustable rear sight) was the Colt Accro sight. This sight was also used on other Colt revolvers such as the Diamonback, Trooper and .357 Magnum Model, as well as a model or two of their M1911 variants (I have a Colt Combat Target Model with the Accro rear sight). Since Colt is now out of the revolver business and I believe current Gold Cup Trophys are still using the Elliason rear sight, I don't know if the Accro is still available from Colt, but that would be worth a try.: www.coltsmfg.com
P.S. I'll bet you could pick up a Colt Accro on e-Bay.
www.brownells.com has the millet white outline rear #601-501-202AB the insert kit is #081-000-370AB but there is a "touch-up" kit that paints on an "insert" #665-000-012AB has about an hour cure time and can be removed to make the gun original again....that kit is about 1/4 the $$$$$$$$