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I have been trying to connect to Teradata using PYODBC from my Mac terminal. I have the Teradata ODBC drivers installed but PYODBC doesn't seem to be able to find them. This is the connection string I have created:

I have (what appears to be) an encoding issue using pyodbc -- Perl works without issue and is using the same ODBC drivers. 
python code:

import pyodbc
pyodbc.pooling = False
conn = pyodbc.connect('DSN=tera01;', password=pw)

I'm generally more of a forum lurker, but every once in a while I get something working that doesn't readily work out of the box the way you'd expect and feel that its worth posting about to ease the path of others (and maybe leave a trail for Google to scan so I don't have to remember where I left my notes!)