TLDR: There are no valid Python builds available for <=3.8 native to Apple Silicon but you can do it using Apple's Rosetta translation layer.
- Create a Rosetta Terminal.
- you can ctrl click on a terminal of your choice (I used iTerm) and duplicate the application.
- rename duplicate (I used "Rosetta iTerm" cuz I'm so clever)
- ctrl-click the new terminal and select get info and check the box "open using Rosetta"
- Open Rosetta Terminal and run all the following commands there but note that your regular arm64 terminal will still run just fine and I'll prove it at the end of this explanation. Run some fancy terminal commands
- type
arch
you should see "i386". Congrats, you're now using Rosetta and you may proceed.