Well, that should just be a call to a project library script function, where all the necessary imports and constants don't have to be set up every paint.
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Awesome! I had guess at the cause but wasn't sure of a solution. I didn't realize I could use that like that. I appreciate it everybody! 
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It was kind of a quick and dirty solution, however, if you're planning to use many of these components then @pturmel's suggestion is much better.
That would look something like:
if all(event.source.Setpoint,event.source.Value,event.source.SetpointColor):
project.shared.paintGuage(event.source.Setpoint,event.source.Value,event.source.SetpointColor)
You'll want to verify any property that you're using in the script that also has a binding on it.