In ancient mythology and religion in India, they respect and fear the Cobra. The practice of charming it is also mythical, as snakes can't hear anyway. They're just reacting to movement, I guess seeing a snake do that is entertaining. Certainly not a sport for amateurs.
They could remove the venom sac and glands, it's an option. However, that would prolly be a death sentence for the snake. Since the venom is not only used to subdue and kill prey, but break it down for digestion. I do NOT think that's okay. I wouldn't want to see someone killed by a snake, but, yanno.. It's not like they're walking in tall grass, and got bit by a scared and defensive snake. They're intimidating, dare I say playing with, and mentally torturing these snakes. An art or not, if they get harmed, it's their fault. Therefore, I don't think harming animals for the purpose of ones religion or culture is okay, I thought I'd get that out there.. I also don't believe in the harming of children via religious and cultural practices. An infant clearly cannot understand or elect to not practice such, therefore should not be subjected to it. But that's just my opinion, which isn't worth much.