More research today. I've been mucking around with some of Collabora's code. They are releasing Farstream on Fedora 17 soon. I also found out that there will be a version of Sugar on F17 released in July. Farstream comes with python bindings by default and supports a lot of useful things by default including, RTP and ICE. ICE will be useful as it allows the program to navigate around firewalls and NATs. This should be a valid approach so long as I can get a hold of the development build of Sugar. I don't think I'll have any problems with that though.
If that isn't possible I should be able to continue with current Sugar builds by using telepathy-farsight. This should be very similar to farstream except I'll need to manually pull in the ICE library and perhaps a few other things.
Overall I feel like I'm getting a firm grasp of what needs to happen to get everything working properly. Next week I'm going to start hacking on the OVC code to figure out how I can integrate these new libraries.