Two free tools

Now I am blogging at http://chavakiran.com

http://fontforge.sourceforge.net/
An outline font editor that lets you create your own postscript, truetype, opentype, cid-keyed, multi-master, cff, svg and bitmap (bdf) fonts, or edit existing ones. Also lets you convert one format to another. FontForge has support for many macintosh font formats.

http://www.cr8.netfirms.com/index10.html
True Type font editor software features:

Large screen font editing.

Visual transformations of glyphs, contours and composites.

Input of almost all True Type parameters.

Retention of hinting information.

Auto calculation of advanced parameters.

Composite Wizard for auto creation of accented glyphs.

Copying of glyphs between different fonts.

User manual in Adobe PDF format.