Before I go and do something like this...
Say I want to study, and perhaps alter, an existing typeface for which several different cuts are available. (Garamond is a handy example; there must be dozens of them.) Is it an acceptable practice to, say, type something in Photoshop using the font(s) in question at like 150pt size, immediately rasterize it, then pixel-edit the glyphs, then dump them back in to a fontforge or something, use the autotrace feature, and finally manually correct the outlines?
Obviously, the key question here is in using an existing font to generate a bitmap-font-jumping-off-point for a new design. Are most license agreements written to prohibit the practice I've just outlined?
Please leave aside for a minute the question of whether or not the font thus generated would probably suck.
Thanks in advance for your kind guidance.