Personally (and I may be wrong) when I develop python apps for production I use a copy of each library as well as a copy of python itself. So even if you have SQLObject-0.8dev_r1113-py2.4.egg in your main site-packages, I would recommend a copy of SQLObject-0.7b1dev-py2.4.egg in the same directory as your TG project. I've been thinking about how to use the dev.cfg / test.cfg / production.cfg to set the python path.
And this type of point-release change usually requires some customer test code, since there may be a bleeding edge feature you need in your project that drove you to upgrade. Its the Java developer in me - a complete web app that weighs in at less then 15 meg just can't be taken seriously ;)
