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Ah ! I knew there was a flaw ! Attached is a script
(iziptest4.py) that uses all the above plus yet another
minor hole to actually decrement the reference counter of an
arbitrary object. Have you already seen  Python dying on you
with 'Fatal Python error: deallocating None' ?  :-)

The original idea came from lurking at izip_next(), when I
was thinking about using gc.get_referrers() to grab the
internally stored tuple (see bug report #793822). Then I
realized that the recursion trick would be sufficient for
izip_next(). Finally, the attached script exploits the
common problem of DECREF'ing an object that is still in the
tuple *before* actually storing something new at that
position, which is only a problem if one can actually see
the tuple from the __del__ method...

I can make a patch if you wish.