The question meanders and covers a lot of ground (hence being closed as "too broad"). As best as I can tell, the question is:
I'd appreciate some tips on how to best approach this code conversion (C to Python), based on your experience.
Your answer starts off well enough talking about general approaches, then dives into memory allocation where it spends most of its space talking about GC, object caches, etc. which were not mentioned in the question as asked.
In other words, it appears that the question itself was poorly worded: you got sucked into answering what is essentially an unanswerable question unless you are writing a whole book on the topic.
I would not take this personally, the real problem is the question: your answer simply brought attention to it.