To setup KeepKey integration with Electrum, here are the following steps:

I. Download and Install Python v2.7.x (Latest Version):

Make sure you note which type, 32-bit or 64-bit, you install as you will need this information in a later step.

II. Install Microsoft Visual C++ Compiler for Python 2.7:

III. Install KeepKey Python Client
  1. Open Command Prompt (cmd)
  2. Enter following command - C:\python27\scripts\pip.exe install keepkey

IV. Download and Install PyQt4 for Python v2.7:

Download and install, matching the same 32-bit or 64-bit type you chose for Python in the first step.

V. Download and Unzip Electrum -
  1. Recommendation is to unzip to C:\ creating the folder C:\Electrum-2.6.4

VI. Launch Electrum
  1. Open Command Prompt (cmd)
  2. Enter following command - cd C:\Electrum-2.6.4 (Or wherever you have unzipped the Electrum-2.6.4 directory)
  3. Enter following command - C:\Python27\python.exe electrum