There are cases where a dictionary is a one:one mapping
Eg,
d = {1: "one", 2: "two" ...}
Your approach is ok if you are only doing a single lookup. However if you need to do more than one lookup it will be more efficient to create an inverse dictionary
ivd = {v: k for k, v in d.items()}
If there is a possibility of multiple keys with the same value, you will need to specify the desired behaviour in this case.
If your Python is 2.6 or older, you can use
ivd = dict((v, k) for k, v in d.items())