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Overall, I'm -1 on this RFE.

The comparison to nsmallest() and nlargest() is inaccurate.
 They run start-to-finish in one function call.  The other
heapq methods do not use key functions because they have to
leave the original data structure unmolested between calls;
hence, there is no ability to limit the key function calls
to one per record.

Likewise, with this request, the key function calls get
wasted.  The sort() method calls key() for every record and
tosses the result afterwards.  Each subsequect call to
bisect() would need to repeat those calls for a log(N)
subset of the data.  Hence, accepting this request would
create an API that encourages a wasteful design.