Ok cool. I'll check into that. In the meantime, I think my issue may have been resolved already. I found out I can download the OT & NT that are already encoded here:
http://www.users.dircon.co.uk/~hancock/antioch.htm On the page, it says "To download the complete Septuagint as a zipped Word document in Unicode Greek (1.74 MB) & similar text for the NT, so I'm now assuming python won't have any trouble translating the unicode into english, right?
Also, when I'm in Open Office (in Ubuntu Linux), it gives me different options for saving the text, which includes encoding, so it appears OO may take care of any issues I may have with translation already.