In Python, dictionary access is very fast. You can use that to get some speedup in your code by replacing if/else with dictionary get.
In [1]: fn1 = lambda x: 1 if x == 't' else 0
In [2]: fn2 = {'t': 1, 'f': 0}.get
In [3]: %timeit fn1('y') # Check "True" branch
10000000 loops, best of 3: 124 ns per loop
In [4]: %timeit fn2('y')
10000000 loops, best of 3: 79.6 ns per loop
In [5]: %timeit fn1('f') # Check "False" branch
10000000 loops, best of 3: 125 ns per loop
In [6]: %timeit fn2('f')
10000000 loops, best of 3: 81.3 ns per loop
About 30% speedup - not bad :)