It should be possible (I've never done it with C++/CLI), but you'll just have to do it the old fashioned, pre-.NET 4 way (in C#):
ScriptEngine engine = Python.CreateEngine();
ScriptScope scope = engine.CreateScope();
engine.Execute(fooScript, scope);
object foo = scope.GetVariable("foo");
object result = engine.Operations.Invoke(foo, 1, "a");
Sprinkle ^ in there as appropriate to convert the C# to C++/CLI.
(fooScript, in this case, would contain something like:
def foo(a, b):
return str(a) + ", " + str(b)
)