arcgis 10.0 - Creating shortcut (button) for "Make this the only selectable layer" in Python 2.6?

I'm trying to create a script in Python 2.6 to make a button or a keyboard shortcut for "Make This The Only Selectable Layer". I came across the following VBA scripts on the net, but the problem is it's not working in ArcGIS 10. Can anyone help me with a Python script to do that?

Public Sub MakeLayerSelectable_Click()

  Dim pMxDocument As IMxDocument
  Dim pMap As IMap
  Dim pEnumLayer As IEnumLayer
  Dim pLayer As ILayer

  Dim pId As New UID
  Dim pFLayer As IFeatureLayer

  Set pMxDocument = Application.Document
  Set pMap = pMxDocument.FocusMap
  pId = "{6CA416B1-E160-11D2-9F4E-00C04F6BC78E}"
  Set pEnumLayer = pMap.Layers(pId, True)
  pEnumLayer.Reset
  Set pLayer = pEnumLayer.Next
  Do While Not pLayer Is Nothing

    If TypeOf pLayer Is IFeatureLayer Then
        Set pFLayer = pLayer
        pFLayer.Selectable = False
    End If
    Set pLayer = pEnumLayer.Next
  Loop

Set pLayer = pMxDocument.SelectedLayer

If TypeOf pLayer Is IFeatureLayer Then

  Set pFLayer = pLayer
    pFLayer.Selectable = True
End If

End Sub