The argparse module does strip out newlines in help text in Python 2.7. To maintain formatting with newlines you have to use the text wrap module to format.
Code:
from argparse import ArgumentParser
import textwrap
parser = ArgumentParser(description='test')
help_text = "Some option, where:\n" + \
"\n".join([
" a = alpha",
" b = beta",
" g = gamma",
" d = delta",
" e = epsilon"
])
help_text = textwrap.dedent(help_text)
parser.add_argument('-g', choices=['a', 'b', 'g', 'd', 'e'], default='a', help=help_text)
args = parser.parse_args()
In the above code help text is constructed using list of strings joined by new lines. This helps maintain the required format.