Great idea. However, I think that it misses the educational part. Choosing a font should be preceded by learning certain characteristics of fonts that help to read code.
For example, the font Input[1] might not be the most aesthetically pleasing, but it is one of the very few non-monospace developer fonts. The website of this font explains the idea behind it in a way that convinced me.
Maybe it could be done by using a wizard/tutorial to narrow down the fonts list.