ByteName is completely self-contained. All you need to run it is a standard Python installation.
On Unix-type systems (including Mac OS X), it should be sufficient to copy ByteName.py into a directory in your search path (e.g. your own bin or /usr/local/bin) and make it executable:
chmod 755 ByteName.py
The man page (bytename.1) should also be copied into a suitable directory. If you put the program in /usr/local/bin, the man page should go in /usr/local/man/man1.
You may want to change the name to ByteName when you copy it. You shouldn't need to invoke Python explicitly as ByteName is set up to act as a shell script and invoke Python itself.
The Makefile provided will do all of the above if you type: make
On MS Windows you're on your own. The suffix .py may be sufficient to tell the OS that it is a Python program but I don't know MS Windows very well and can't say for sure.