Hack or beauty?

I have a program that does some calculations for multiple
different values of a certain quantity. I wanted to either
write a second program that would hold the first quantity
fixed and loop over a different one, or to extend the
first to do either of those based on a command-line option.

While noodling around, I thought "what about --" and came up
with the following idea:

============================================================
if options.angle:
   angles = [0.05*k for k in range(7)]
else:
   comps = [0.1*k for k in range(6)]

for variable in angles if options.angle else comps:
   if options.angle:
     angle = variable
   else:
     X_C = variable * -X_L

   junk = sys.stdout.write( "%4.2f  %4.3f\n" % (angle,X_C) )
   # Hard part elided for clarity
============================================================

I was surprised to see that one could actually write a
for-loop like that, although it tickled my inner hacker.

What I'd like to know is: Is this an egregious abuse of the
language, or is it perfectly pythonic?

Opinions, and even violent disagreement, are solicited.

-- 
Michael F. Stemper
Always use apostrophe's and "quotation marks" properly.