You're not completely crazy.
python-mode can integrate with eldoc-mode to display the arg spec of the function you're calling at point. Just do M-x eldoc-mode while you're in a python file to turn it on and it should start working. It talks to an inferior python buffer to inspect the functions directly, so it should always be decently accurate. You can turn it on automatically for all new python-mode buffers with (add-hook 'python-mode-hook '(lambda () (eldoc-mode 1)) t) in your emacs startup file. Now, at this point I have to say that I don't do any regular python programming, and that when I tried it just now it didn't work. I spent a few minutes poking around in the source code and everything seems to be in place, but the code that it runs in the inferior process is just returning an empty string. Perhaps it's just my setup, or perhaps I'm reading the wrong source files; it's hard to say.
Emacs provides several different types of expansion/autocompletion. By default you have access to dabbrev-expand by hitting M-/. This is a fairly simple form of completion; it's just meant to work on any old file you happen to edit. More sophisticated is hippie-expand, but even that doesn't do anything python-specific. The documentation says that it can integrate with hippie-expand for exact completions, but this might be a lie; I couldn't figure out how it works. A little poking around shows several related solutions for this, all of which seem to rely on pymacs. If I were going to do a lot of python programming and didn't already have a fairly complicated emacs set up, I'd probably start by installing emacs-for-python. It looks to be a pretty complete setup, and even claims to have live warning/error detection.
In the spirit of helping others to help themselves, I'd like to point out how I came upon all of this information. My first step was to open a file in python-mode. I didn't actually have any python code available, so I just went to my scratch buffer and made it a python buffer (M-x python-mode). Then I asked for help about this strange new mode (C-h m) to see what it could do. It's author has kindly put a brief summary of what the mode can do which mentions eldoc-mode, Imenu, outline-mode, hippie-expand, rlcompleter, abbrev tables, and a bunch of other things. From there I started looking at the source code. For instance, to integrate with eldoc-mode, it defines a function called python-eldoc-function and gives that to the eldoc module for use in python buffers. Reading that code shows me how it interacts with the inferior buffer, etc.
I hope some of this helps.
