As I understand it, a font is a bit special, copyright wise. You only need to change it in very minor details to call it a completeley new font. See Arial vs. Helvetica.
On the other hand, I wonder... if I take an existing font. Print it to a very high resolution PNG (not vector graphic so all Bezier curves are lost), and use some font creation software that recreate the font by doing an approximation... whether this is still consider a copyright infringement. Just curious...