You still have to change object names inside your update() if you change them in Construct.
I guess it's only a matter of taste where to reference the global objects.
Following your idea I think Construct should append the project path to sys.path automatically so one can write his own modules in the same directory (or directory structure following python standard __init__.py).
To test the (little) module we discussed in this page I was using this code:
Also, a bit OT, is there a way to write Construct plugin using python?