I don't think thats the issue or something else is going on, please review my results:
root@Tower:/boot/packages# installpkg python-2.7.3-i486-2.txz
Verifying package python-2.7.3-i486-2.txz.
Installing package python-2.7.3-i486-2.txz:
PACKAGE DESCRIPTION:
# python (object-oriented interpreted programming language)
#
# Python is an interpreted, interactive, object-oriented programming
# language that combines remarkable power with very clear syntax.
# Python's basic power can be extended with your own modules written in
# C or C++. Python is also adaptable as an extension language for
# existing applications.
#
Executing install script for python-2.7.3-i486-2.txz.
Package python-2.7.3-i486-2.txz installed.
root@Tower:/boot/packages# /usr/bin/env python -v
/usr/bin/python: /usr/bin/python: cannot execute binary file
root@Tower:/boot/packages# python -v
-bash: /usr/bin/python: cannot execute binary file
root@Tower:/boot/packages# /usr/bin/deluge-web -c /mnt/user/deluge -p 8112 -f
/usr/bin/deluge-web: line 3: __requires__: command not found
/usr/bin/deluge-web: line 4: import: command not found
/usr/bin/deluge-web: line 5: from: command not found
/usr/bin/deluge-web: line 8: syntax error near unexpected token `newline'
/usr/bin/deluge-web: line 8: ` sys.exit('
EDIT: Please excuse my oversight, I forgot that unraid doesn't have 32bit libs installed, I installed the 64bit version of python and now deluge works. For those who are having this issue you can install the package provided here: http://slackware.cs.utah.edu/pub/slackware/slackware64-14.1/slackware64/d/python-2.7.5-x86_64-1.txz