I would rather keep python/qemu/qmp as a submodule for a longer time,
and still go through a virtual environment that installs it together
with its pip dependencies.
A small headache relating fixes to both locations, but if you'd like to
see it to prove that the installation mechanism works in general, then
OK. I'm willing to deal with the pain until the next release to let us
go through a testing cycle. Reluctantly. Maybe.
I'm assuming you mean as a subpackage and not a [git] submodule. If you
do mean git, then ... uh. That might be messy.