There must be a cost for a loop to deal with this thing. You can either build it here.

Or, build the way you told and make a for loop down there like:
test = {'a': 'A', 'b': 'B'}
test_v = test.values()
for k, v in test.iteritems():
        for ...
            if match: blah blah blah

And this loop would have to do it everytime. Cost is higher than the way I do it.