Contrary to what nearly everybody has read, "Time Bandits" is not the new Monty Python film, but an outside project written by Python members Michael Palin and Terry Gilliam and directed by Gilliam. "We've always had a problem when two or more of us do anything," says John Cleese, a group member who appears in the film along with Sean Connery and Katherine Helmond. "They always advertise it as a Python project, and that's unfair because the name Python gets spun onto something else, two people make money off the joint name, and if the thing isn't any good it'll damage the Python reputation." But "Time Bandits," he felt, was a safe bet: "We satisfied ourselves that the chances of it being described as a Monty Python film were very slim. And, of course, by putting Sean Connery and one or two others in, that reduces the chances." Still, persistent reports identified "Time Bandits" -- which opens nationwide Nov. 6 -- as a Python film. Cleese will have to be comforted by the fact that it can't be as bad as the time distributors double-billed Gilliam's "Jabberwocky" and a film of an Amnesty International benefit at which Python briefly appeared -- and called the whole package "A Python double feature."