However if you're removing variable/class/function/etc names from your module then this wont be reflected.

Frankly, the best way is just to call CreateNewModule again. Otherwise you have to worry about just what exact changes you're reloading and to what.

Interestingly you can load multiple module files into the same virtual module object by executing execfile(filename, module.__dict__, module.__dict__) multiple times.

Let's say you had a file called ModuleA.py:

# Filename: ModuleA.py
def FuncA():
    print "I am function A"

And a file called ModuleB.py:

# Filename: ModuleB.py
def FuncB():
    print "I am function B"

You could modify CreateNewModule to take in multiple filenames like so:

def CreateNewModuleFromList(name, filenames):
    module = types.ModuleType(name)
    for filename in filenames:
        execfile(filename, module.__dict__, module.__dict__)
    return module

Example usage:

>>> m = CreateNewModuleFromList("MULTIMODULE", ["ModuleA.py", "ModuleB.py"])
>>> m
<module 'MULTIMODULE' (built-in)>
>>> dir(m)
['FuncA', 'FuncB', '__builtins__', '__doc__', '__name__']
>>> m.FuncA()
I am function A
>>> m.FuncB()
I am function B
>>>

Note: If ModuleB.py contained something called FuncA then that would overwrite the previous implementation of FuncA that was defined in ModuleA.py.