Though I have not tested it (please, no hate for that) I believe that there's a faster way of going it. It's more of a C solution, but quite possible in Python. It's not Pythonic, either. It's a theory, I'd say.
First, you need to know the encoding of the file. Set a variable to the number of bytes a character in that encoding uses (1 byte in ASCII). CHARsize (why not). Probably going to be 1 byte with an ASCII file.
Then grab the size of the file, set FILEsize to it.
Assume you have the address of the file (in memory) in FILEadd.
Add FILEsize to FILEadd.
Move backwords (increment by -1***CHARsize**), testing each CHARsize bytes for a \n (or whatever newline your system uses). When you reach the first \n, you now have the position of the beginning of the first line of the file. Replace \n with \x1a (26, the ASCII for EOF, or whatever that is one your system/with the encoding).
Clean up however you need to (change the filesize, touch the file).
If this works as I suspect it would, you're going to save a lot of time, as you don't need to read through the whole file from the beginning, you read from the end.