So I have read this - https://wiki.archlinux.org/index.php/Python
And it is clear from this wiki that I can install Python 2.7.2 via
pacman -S pytho
No, there is no better way to do this. The python symlink is part of the Python 3 package.
python
I guess changing this link won't break anything for now but it might be possible that some packages will depend on it in the future.