AFAIK stdout from fastcgi processes in lighttpd is simply ignored.
If you want get stderr output from fastcgi process you can use server.breakagelog
option from http://redmine.lighttpd.net/projects/1/wiki/docs_modcgi:
server.breakagelog = "/var/log/lighttpd/breakage.log"
But this is raw stderr output without event time or source.
I suggest to use web.py or Python logging facilities and log to file.