In my experience, proportional typefaces only work for code if the IDE/editor is using a pretty-printer that uses word-processor style indentation. (That is, it uses tab stops as opposed to just inserting spaces/tabs in the text.)
The only IDEs I've seen work this way was the old THINK Pascal from the 68k Mac era, and its predecessor Instant Pascal for the Apple II. Anybody else seen a more recent example in the wild?