Excellent question. I've tackled this problem as well, and while I agree that "factories" (class-method constructors) are a good method, I would like to suggest another, which I've also found very useful:
Here's a sample (this is a read method and not a constructor, but the idea is the same):
def read(self, str=None, filename=None, addr=0):
    """ Read binary data and return a store object. The data
        store is also saved in the interal 'data' attribute.
        The data can either be taken from a string (str 
        argument) or a file (provide a filename, which will 
        be read in binary mode). If both are provided, the str 
        will be used. If neither is provided, an ArgumentError 
        is raised.
    """
    if str is None:
        if filename is None:
            raise ArgumentError('Please supply a string or a filename')
        file = open(filename, 'rb')
        str = file.read()
        file.close()
    ...
    ... # rest of code
The key idea is here is using Python's excellent support for named arguments to implement this. Now, if I want to read the data from a file, I say:
obj.read(filename="blob.txt")
And to read it from a string, I say:
obj.read(str="\x34\x55")
This way the user has just a single method to call. Handling it inside, as you saw, is not overly complex