Updating this question, in Matplotlib 1.1, there are now two methods in PolarAxes for setting the theta direction (CW/CCW) and location for theta=0.
Check out
http://matplotlib.sourceforge.net/devel/add_new_projection.html#matplotlib.projections.polar.PolarAxes
Specifically, see set_theta_direction() and set_theta_offset().
Lots of people attempting to do compass-like plots it seems.