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Brett, it looks like self.__stderr is never given a value -- the 
__init__ code here binds a *local* vrbl __stderr to 
_sys.stderr.  If so, that tells me the bulk of the patch hasn't 
actually been exercised (else it would have raised 
AttributeError trying to print to self.__stderr).

To simplify it more, I think it would be fine to ignore 
sys.tracebacklimit.  A Google search shows that virtually the 
only use of sys.tracebacklimit in real life is the use made of it 
here:  passively accessing its value to simulate what it would 
have done if anyone had ever bothered to set it (of which I 
couldn't find even one example).