As to whether this is a best practice in Python is up to debate:
hash = {}
hash['element1', 'sub1', 'subsub1'] = 'value'
if ('element1', 'sub1', 'subsub1') in hash:
print "found value"
But, it certainly works and is very elegant, if it works for you.
The major drawback is that you don't have intermediate access. You can't do:
if ('element1', 'sub1') in hash:
print "found value"