Is it possible for a python script to execute at a low run level? 
Edit: 
To clarify, is it possible for a python script to run in the background, kind of like a daemon.
Yes. The scripts that control daemons are (normally) plain old bash scripts and can run whatever a bash script can run. The only difference is that in a low runlevel, lots of other system services will not be running, so if the program tries to do something that depends on another daemon, that may fail.
Python execution