I had the second one done, but I want to know the standard way for python distributable application, I am guessing that should go to a specific application direcotry that should be in path or i can write a make file that can do the job of creating the symlink.
There are probably many solutions. You can create a symlink in a directory on your path.
Currently I'm using a python app called cherrytree. There is a small python executable /usr/bin/cherrytree which role is to parse command line arguments using argparse, add a folder in sys.path and import the real app meat which is stored in /usr/share/cherrytree. You could study this example.