handlebars.py

import sys

filenam = sys.argv[-1]
phile = filenam[filenam.rindex('/')+1:].replace('.handlebars', '')


with open(filenam, 'r') as inpt:
    allstuff = inpt.read()
superx = "".join(allstuff)

print """var x = "{}"; Ember.TEMPLATES['{}'] = Ember.Handlebars.compile(x);""".format(superx, phile).replace('\n', "")

settings.py

 COMPRESS_PRECOMPILERS = (
    ('text/coffeescript', 'node_modules/coffee-script/bin/coffee --compile --stdio --bare'),
    ('text/x-handlebars', 'python doit.py {infile}'),
)