Hi Dajomu,
<br>
It has been considered because it has the benefits you mentions, but because it also has some drawbacks I don't think anyone has actually tried it.
The main problem is that OpenLP uses quite a few modules that isn't part of the standard python module-pack. These modules are easy to install and use with normal python, but many of them won't work with PyPy without recompilation, see http://pypy.org/compat.html
Another problem is that we use PyInstaller for bundling OpenLP for Mac and Windows, and PyInstaller does not work with PyPy.
Until these issues has been resolved PyPy is not a realistic option, though you are of course welcome to try it out and report your findings :)