Well... This is an old trick from the 8bit era...
Nowaday it's far easier to write direct "sprites" or "bitmaps" (with alpha channel), as anyway even the fonts files are displayed this way...
You can, by the way create a bitmap based font, but it's stuck to monochrome display. And frankly, I don't any know tools to do that, as I trust my graphic artists
Do you know how to program ? Without knowing anything of your current knowledge level it's hard to point you toward a direction.
Beside, as I'm a game developer, and I'm willing to teach that "art" to motivated people, you can PM me and I could give you some help. For a quick CV, I started programming in 1989, and worked on some "famous" games: Ultim@te Race, NY Race, Far Cry Instinct XBox, Prince of Persia: the two thrones XBox, Chicken Little: Ace in Action + Code Lyoko on Nintendo DS... And various other things on exotics platforms. (Edit: my "skills" are 3D Programming, and general Engine architecture programming, so I have some clues on graphic rendering