I'm currently working on a project that would greatly be assisted by running the openFDA API locally. I tried to follow the READMEs but I can't get it to work. Thank you!
Given the API call limitations, and your need to run analytics on the entire dataset offline, it looks like you should opt to download the FAERS (adverse events database) instead of making repeated API calls. You can get it from here: http://www.fda.gov/Drugs/GuidanceComplianceRegulatoryInformation/Surveillance/AdverseDrugEffects/ucm082193.htm
It will take you about a week of coding to clean, normalize and prepare the files for analysis in Python. The upside is that then you can do whatever analysis you need using pandas or any other Python library. You'll also need to take care of updating the data, if your project requires it. This is work that others have done already (you can get this data at http://www.johnsnowlabs.com).