For arcpy.ProjectRaster_management in ArcGIS 10, it is possible to use a custom transformation by specifying the name of the *.gtf file (but without the extension "gtf") that represents the custom transformation. For example, if my custom GTF file is called "task_geo.gtf", then I would use:
arcpy.ProjectRaster_management(sampleRasterPath, outputRasterPath, outputPrj, resampling_algorithm, "#", "task_geo", "#", "#")
The GTF files are saved in the following directory path on Windows XP:
C:\Documents and Settings\[username]\Application Data\ESRI\Desktop10.0\ArcToolbox\CustomTransformations\