You've obviously considered lots of ways to write the SQL such that it prints out okay, but how about changing the 'print' statement you use for debug logging, rather than writing your SQL in ways you don't like? Using your favourite option above, how about a logging function such as this:
def debugLogSQL(sql):
print ' '.join([line.strip() for line in sql.splitlines()]).strip()
sql = """
select field1, field2, field3, field4
from table"""
if debug:
debugLogSQL(sql)
This would also make it trivial to add additional logic to split the logged string across multiple lines if the line is longer than your desired length.