The unicodedata library (shipped with Python 2.3.4 and
2.4a3) is still version 3.2.0 albeit version 4.0.1 is
available from unicode.org.
Is it possible to update 4.0.1, at least for Python 2.4?

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For Python 2.4, this is not possible, as the beta has
already been published.

For Python 2.5, it might be possible, but is difficult.
Python relies on the unicodedata 3.2.0, as the IDNA RFCs
mandate that Unicode 3.2 is used to implement IDNA. So any
integration of 4.0.1 must
a) still maintain access to the 3.2.0 data
b) change all code that relies on 3.2.0 data to refer to
these data explicitly
c) not simply double the amount of data, but somehow allow
for a differential representation.

This is very difficult to implement, and hence hasn't been
implemented for 2.4 (and might not be implemented for 2.5).

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While Python 2.4 is not possible anymore, we should consider
this change for Python 2.5.

I don't think we should stick to
version 3.2 forever just because some RFC editors got 
their text wrong. Besides, changes to the Unicode database
are usually backwards compatible for the vast majority of
code points.

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unicodedata was updated to 4.1.0 for 2.5 while retaining
3.2.0 available.