In this page http://www.multitech.net/developer/software/mlinux/mlinux-software-development/python/ the instructions are incorrect as the setuptools repo moved from bitbucket to github.
Corrected:
$ opkg update
…
$ opkg install python-pip
…
$ wget https://raw.githubusercontent.com/pypa/setuptools/bootstrap-2.x/ez_setup.py
…
$ python ez_setup.py