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The log says:
:info:build grep: /opt/local/lib/libpng12.la: No such file or directory
:info:build sed: /opt/local/lib/libpng12.la: No such file or directory
:info:build libtool: link: `/opt/local/lib/libpng12.la' is not a valid libtool archive
libpng was updated from 1.2.x to 1.4.x months ago so this should not be happening if your ports are up to date. This build is also not clean. Please clean and try again.
sudo port clean py27-gtk