There is no way for you to mark a unicode
literal as having using a different encoding from the rest of the source file, no.
Instead, you'd manually decode the literal from a bytestring instead:
latin1 = 'abcdé'.decode('latin1') # provided `é` is stored in the source as a E9 byte.
or using escape sequences:
latin1 = 'abcd\xe9'.decode('latin1')
The whole point of the source-code codec line is to support using an arbitrary codec in your editor. Source code should never use mixed encodings, really.