I got your idea to work (thanks), but it's such a kluge that it's not worth doing. You have to open two windows side by side and have them view the same file. You then set the one on the left to "Hide Console" and the one on the right to "Show Console". You drag the console in the right window up to cover the window. (If you don't have the right window viewing the file back behind the console, it won't work. The console will display your commands ("Running python - u /../../hello.py") but won't display your output.)
You then edit code on the left side, but you have to remember to synchronize the invisible code behind the console on the right or you'll get the wrong output. You have to manually save the left window. Even if you have the "save all windows on build" option set to true, it won't save your edits on the left if you build on the right. (If you build on the left, it will save, but it will pop up another console, covering your code, and you won't get any output on the right anyway.) After remembering to save first on the left, you click on the right to change focus. This causes a reload of the code behind the console. You then build and get your output and repeat.
I would have to go through this for every new file I opened, and it would eliminate full screen, distraction-free mode, and who knows what else.
It's just not worth doing, especially given how many other editors let you easily edit code on the left side and see your output on the right, including most free ones I've used. Komodo Edit is powerful, free, and you just right click a tab and tell it where you want it. Other powerful editors like BBEdit, Textmate, Visual Studio, Eclipse, all do it, but even the little freebie editors implement this feature before their editing power goes beyond Notepad with line numbers.
I like a lot of what I see in Sublime Text---lots of good ideas---but how can there be so MANY preferences and features without the basic ability to see the results of your edits (the output) at a keystroke and a glance, right there beside your code? As far as productivity enhancement, that ranks near the top. If your code is for a GUI app, a Web page, a PDF, TeX, you would need a specialty viewer, but text output in a text editor? Why isn't that in the View > Layout... menu?
How are the rest of you Sublime Text lovers (and there's a lot to love, IMO) viewing your text output as you work? What is your edit, check output, edit, check output process for text output?