What is the use case for something like this? I think it's really, really cool that this is possible, but I'm having trouble coming up with a scenario in which I'd actually want to do this.
I know of at least one site (FilmOn) that uses this kind of font substitution for rendering UI elements.
Is that done on the client-side or on the server? It makes sense to me if you want to programmatically generate icon fonts, but I just don't see the use case for doing this in the browser. Unless of course you were building an in-browser font creator tool. :)
Regardless, this is a really cool idea!
A SaaS could use it to distort content, and remove the distortion for paid accounts.