Python has a great way of building packages by writing a setup.py script using distutils. It would be nice to integrate this as part of pydev and eclipse.
At its most basic level the following would.
click build (ctrl-b) run setup.build. provide an error if setup.py does not exist. it would also provide a template to create you project and possibly wizard interface.
It would also integrate with the python package index or pypi to maintain your project.
At a more advanced it would provide options by querying setup.py