yes. use the pyodbc (free/OSS) or mxodbc (commercial, use mxodbc in 0.8 only with the latest mxodbc) dialects, they've been tested as delivering DECIMAL objects with full precision. pymssql is currently an unknown, as this DBAPI has undergone many rewrites/ownership changes and its status is a little up in the air.
also, the warning is because you can get decimal objects back, they will just be subject to the usual floating point weirdnesses (like 3.456 coming back as 3.4559999999999 type of thing). So better to allow the values to be read with caveats than to block what is otherwise partially working functionality.