You could use the 'tailer' library: https://pypi.python.org/pypi/tailer/
It has an option to get the last few lines:
# Get the last 3 lines of the file
tailer.tail(open('test.txt'), 3)
# ['Line 9', 'Line 10', 'Line 11']
And it can also follow a file:
# Follow the file as it grows
for line in tailer.follow(open('test.txt')):
print line
If one wants tail-like behaviour, that one seems to be a good option.