If I understand you correctly, you have an HTML file with the line that you wrote out above. You want to replace the (LAT,LONG) part with the actual lat and long values that your python script will find.
If that's correct, then I would recommend going ahead and writing the HTML file to a .txt file:
import urllib
import time
while True:
open = urllib.urlopen(the_url_where_the_html_comes_from)
html = open.read()
my_file = open("file.txt","w")
my_file.write(html)
my_file.close()
#you don't need any fancy modules or RegEx to edit one unique line.
my_file = open("file.txt","r+")
text = my_file.read()
text.replace("LatLng(LAT,LONG)","LatLng("+lat_variable+","+long_variable+")")
real_text = text
my_file.close()
#now you want the change that you made to remain in that file
my_file = open("file.txt","w")
my_file.write(real_text)
my_file.close()
#if you check "file.txt", it should have those values replaced.
time.sleep(However long until the html updates)
I haven't tested this code, so let me know if it works or not!
EDIT: If the HTML file is constantly changing, then you could use the urllib module to update it. See above code.