I had the same problem, I think you were right about FT_SetBitMode(). Eventually I got it to work by using ftd2xx
(which you can get by pip). You will also need to install the D2XX drivers.
import ftd2xx
if ftd2xx.listDevices() < 1:
print "No relays found. Exiting..."
exit()
else: print "Initializing relays..."
relays = ftd2xx.open(0)
relays.setBitMode(255,1) # I think this uses FT_SetBitMode()
relays.write(b'\01\01') # relay one on
relays.write(b'\01\01') # relay two on
relays.write(b'\00\00') # all relays off
relays.close()