Scroll, scroll, scroll, why did you have to go and say that word... Emacs...
I am sorry I wish I could help you out, but I am a vim zealot. I have never bothered messing around with emacs, trusty vi or vim has always been available.
However, I can take a guess at your situation. I am guessing this .el file that you have installed is some sort of language pack for python, maybe it supports syntax highlighting, certain macros, etc. I am guessing that the key combination you are pressing is supposed to "run" the current file you are editing?
When you do this, you are getting a blank screen? Correct?
Have you tried saving the script and then "running" it from the command line? Does that give you zero output (I am assuming your script actually prints something to the screen) ?
You are probably right in the fact that the config is pointing to the wrong place for the Python interpreter. Try opening up the .el file (if it isn't a binary file) and see if you can locate a place where it mentions the python interpreter.
The other way that might be easier, assuming the name of the python interpreter binary is the same in Windows, is just to add the python binary to your $PATH. That may work.
Emacs, emacs, emacs... grrr...