line_lyr = arcpy.MakeFeatureLayer_management(line_input, "line layer")
entries = int(arcpy.GetCount_management(point_input).getOutput(0))

for i in xrange(entries):
    pt_lyr = arcpy.MakeFeatureLayer_management(point_input, "point layer", ""FID"={}".format(str(i)))
    arcpy.SelectLayerByLocation_management(line_lyr, "INTERSECT", pt_lyr, "", "NEW_SELECTION")
    if arcpy.Exists(pt_lyr): arcpy.Delete_management(pt_lyr)
    #Rest of the code here....