I found I COULD use "if-then" statements in a lambda. For instance:
eval_op = {
'|' : lambda x,y: eval(y) if (eval(x)==0) else eval(x),
'&' : lambda x,y: 0 if (eval(x)==0) else eval(y),
'<' : lambda x,y: 1 if (eval(x)<eval(y)) else 0,
'>' : lambda x,y: 1 if (eval(x)>eval(y)) else 0,
}