Ideally, I'd have something like tail.getNewData() that I could call every time I wanted more data
We've already got one and itsa very nice. Just call f.read() whenever you want more data. It will start reading where the previous read left off and it will read through the end of the data stream:
f = open('somefile.log')
p = 0
while True:
f.seek(p)
latest_data = f.read()
p = f.tell()
if latest_data:
print latest_data
print str(p).center(10).center(80, '=')
For reading line-by-line, use f.readline(). Sometimes, the file being read will end with a partially read line. Handle that case with f.tell() finding the current file position and using f.seek() for moving the file pointer back to the beginning of the incomplete line. See this ActiveState recipe for working code.