dynamic module creation

I'd like to dynamically create a module from a dictionary, and I'm wondering if adding an element to sys.modules is really the best way to do this. EG

context = { a: 1, b: 2 }
import types
test_context_module = types.ModuleType('TestContext', 'Module created to provide a context for tests')
test_context_module.__dict__.update(context)
import sys
sys.modules['TestContext'] = test_context_module

My immediate goal in this regard is to be able to provide a context for timing test execution:

import timeit
timeit.Timer('a + b', 'from TestContext import *')

It seems that there are other ways to do this, since the Timer constructor takes objects as well as strings. I'm still interested in learning how to do this though, since a) it has other potential applications; and b) I'm not sure exactly how to use objects with the Timer constructor; doing so may prove to be less appropriate than this approach in some circumstances.

EDITS/REVELATIONS/PHOOEYS/EUREKA:

1. I've realized that the example code relating to running timing tests won't actually work, because import * only works at the module level, and the context in which that statement is executed is that of a function in the testit module. In other words, the globals dictionary used when executing that code is that of __main__, since that's where I was when I wrote the code in the interactive shell. So that rationale for figuring this out is a bit botched, but it's still a valid question.

2. I've discovered that the code run in the first set of examples has the undesirable effect that the namespace in which the newly created module's code executes is that of the module in which it was declared, not its own module. This is like way weird, and could lead to all sorts of unexpected rattlesnakeic sketchiness. S