Converting the C++ code into Python is a silly idea but I think that porting Ableton Live would be worthwhile. I would pay for it and I am sure many other Linux users would also. There is an extensive Linux audio community developing software such as JACK, Audacity, Bristol, and ZynAddSubFX. Releasing a Linux port of Live would encourage developers to create software that will work well together with Live which all users of Live, including Apple and Microsoft users, would benefit from.
People quote Linux users as being a small percentage but they are rarely taking into account the massive number of PCs that are used in the workplace purely for email and word processing and not audio.