Or, being able to remove the references to the locals and globals from 
the traceback would be sufficient.

Something like this:

try:
    raise Exception()
except:
    t, v, tb = sys.exc_info()
    tbi = tb
    while tbi:
        tbi.tb_frame.f_locals = None
        tbi.tb_frame.f_globals = None
        tbi = tbi.tb_next
    # now "tb" is cleaned of references