I do not think it is possible to remeasure routes via the field calculator using python.
However, you could use a script similar to the following to recalculate m values for an existing route feature class. I would change the reference to the feature class and to/from fields and run it in IDLE or PythonWin. It simulates the functionality of the setandinterpolatemsbetween arcobjects command.
import arcpy
arcpy.env.overwriteOutput=1
inFC = r'C:\GIS\IncidentData\November\982292_Setandinterpolatemsbetween\test.gdb\routes_w_MPs' #Update path to the feature class
toField = "BEGMP1" #Update name of the To Measure Field
fromField = "ENDMP1" #Update name of the From Measure Field
desc = arcpy.Describe(inFC)
shapeField = desc.shapeFieldName
oidField = desc.OIDFieldName
oidQueryName = arcpy.AddFieldDelimiters(inFC, oidField)
g = arcpy.Geometry()
#Create update cursor on input feature class
rows = arcpy.UpdateCursor(inFC)
#Make feature layer from input feature class
arcpy.MakeFeatureLayer_management(inFC, "featureLayer")
#loop through rows in feature layer and select each OID
for row in rows:
arcpy.SelectLayerByAttribute_management("featureLayer", "New_Selection", oidQueryName + "=" + str(row.getValue(oidField)))
#create geometry object from each feature row
geomList = arcpy.CreateRoutes_lr("featureLayer", toField, g, "TWO_FIELDS", fromField, toField)
#update shape field for input feature class for each row (replace M values)
row.setValue(shapeField, geomList[0])
rows.updateRow(row)
arcpy.Delete_management("featureLayer")
del row, rows
Many thanks to Chris F. in Redlands for creating this.