This worked but wasn't what my final solution ended up becoming.
This solution iterates over the feed entries collection I get back from Facebook. I then parse the datetime and set the updated property to that new datetime. (Also, ignoring the +0000)
for entry in feed.entries: entry.updated = datetime.strptime(entry.updated, "%a, %d %b %Y %H:%M:%S +0000")
The entries collection is returned to the template which I can now use the Django 'date' filter to format the date.