I have a program in C that communicates via UDP with another program (in Java) and then does process manipulation (start/stop) based on the UDP pkt exchange.
Now this C program has been legacy and I want to convert it to Python - do you think Python will be a good choice for the tasks mentioned?
I'd say that if:

Your C code contains no platform specific requirements
You are sure speed is not going to be an issue going from C to python
You have a desire to not compile anymore
You would like to try utilise exception handling
You want to dabble in OO
You might choose to run on many platforms without porting
You are curious about dynamic typing
You want memory handled for you
You know or want to learn python

Then sure, why not.  
There doesn't seem to be any technical reason you shouldn't use python here, so it's a preference in this case.
What is the feasibility of porting a legacy C program to Python?