1 MHz, and while I only implemented UDP in my stack (https://github.com/oliverschmidt/ip65), Jonno Downes took over and added TCP later. There's also Adam Dunkels uIP and Doc Bacardi's HTTP-Load.
So yes, if a C64 can handle it Python should have plenty of power.
So yes, if a C64 can handle it Python should have plenty of power.