seems like that install.py is not there anymore (today is Nov 5, 2014), I used a ksinstall app inside the update app and it kinda worked as well:

$ sudo /Library/Google/GoogleSoftwareUpdate/GoogleSoftwareUpdate.bundle/Contents/Resources/GoogleSoftwareUpdateAgent.app/Contents/Resources/ksinstall –help
-[KeystoneInstallTool usage] ksinstall:
[–install=PKG] Install keystone using PKG as the source.
[–uninstall] Remove Keystone program files but do NOT delete
the ticket store.
[–nuke] Remove Keystone and all tickets.
[–interval=N] Set installed agent to wake up every N seconds.
[–lockdown] Prevent Keystone from ever uninstalling itself.
[–force] Perform operation even if it is a downgrade.

$ sudo /Library/Google/GoogleSoftwareUpdate/GoogleSoftwareUpdate.bundle/Contents/Resources/GoogleSoftwareUpdateAgent.app/Contents/Resources/ksinstall –uninstall