Python: List vs Dict for look up table

set() is exactly what you want. O(1) lookups, and smaller than a dict.

Speed

Lookups in lists are O(n), lookups in dictionaries are amortized O(1), with regard to the number of items in the data structure. If you don't need to associate values, use sets.

Memory

Both dictionaries and sets use hashing and they use much more memory than only for object storage. According to A.M. Kuchling in Beautiful Code, the implementation tries to keep the hash 2/3 full, so you might waste quite some memory.

If you do not add new entries on the fly (which you do, based on your updated question), it might be worthwhile to sort the list and use binary search. This is O(log n), and is likely to be slower for strings, impossible for objects which do not have a natural ordering.

A dict is a hash table, so it is really fast to find the keys. So between dict and list, dict would be faster. But if you don't have a value to associate, it is even better to use a set. It is a hash table, without the "table" part.

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EDIT: for your new question, YES, a set would be better. Just create 2 sets, one for sequences ended in 1 and other for the sequences ended in 89. I have sucessfully solved this problem using sets.