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Turns out there are two issues here: PEP 302 using the
loader, and then the zip import caching the contents of zip
files.

At the suggestion of Phillip Eby, the PEP 302 stuff not
using a loader has been put in a new bug that he is going to
take care of:

https://sourceforge.net/tracker/index.php?func=detail&aid=1029475&group_id=5470&atid=105470

So, now there is just the separate issue of the zip import
not checking the file modification time. The attached patch
makes sure when reload(aZipModule) is called that the file
modification time is checked and that the contents are reloaded.

More details are in my last comment.

There is a test case that passes as well.

The patch is at a more permanent location this time:

http://www.chase3000.com/stephenh/patch-zipimport.txt