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Maybe I should state some reasons for adding this functionality:

Imagine, you wish your thread to do some background work
while normal execution goes on (e.g. parsing a website).
It's a small task doing execatly the same job over an over.
If that will happen often, the overhead of creating a new
object might be too hight, especially if your object holds a
lot of data. And sometime the garbage collector will kick in...
If you want to write a really small class build from several
mix-in classes and Thread that only seldom needs to run
start(), you could use all member functions and variables.
Nice and neat.
And last but not least it wouldn't break compatibility.
Programs using threadying.py needn't change a single line.
There are more pro's and con's to this. To my opinion it is
more a matter of coding style and design. I do not know
Java's threads but I agree now with time_one: maybe this
issue is more a feature request than a bug report.