This little gem is made by japanese programmer Yuno dated back to 2003. This is an opensource software, its borland c++ source sadly never archived : http://uri.sakura.ne.jp/~cosmic/yuno/download/ttfeditsrc.lzh. You could open and edit ttf font or create it from scratch, there is also reference image feature that help you trace existing bitmap text sample or hand-drawn font.
I have bing translate this app into english (using resource hacker). As the name implied only ttf format supported, no fancy modern web fonts format, no opentype just TTF.
|TTFEdit show Panose spec property|
This outline editor is nice companion to Microsoft Visual TrueType.
Note: You can't directly open font from %WINDIR%\Fonts from the open file dialog. Copy it somewhere else first.