trying to fix a sed line

[Chuck Robey]

I don't do enough in sed .... if I could figure out what it is that the broken
line is TRYING to do, I think maybe I could fix it, I HAVE used sed before, and
I know about the s command, and how it sets it's delimiters.  Anyhow, here's the
broken line, and I hope my mailer doesn't decide to break the line for me:

REINPLACE_ARGS= -i.bak -E -e "1s,^(\#!.* )python$$,\1 -S PYTHONPATH=${DATADIR}
${PYTHON_CMD},1"

should be only a single space between ${DATADIR} and ${PYTHON_CMD}, my mailer
put a line break in there for me ...

If you care, this came from editors/spe/Makefile.