Since some time we with Lewin been making this new tool for KaM modding: Font Editor
Here's how it works:
Place FontEd into KaM folder (it could be KaM Remake folder as well) and run it.
The tool will scan fonts folder and show all available fonts, you can view them in a GraphicsReader manner.
You can export BMPs, edit them in MSPaint/Photoshop/etc and import back - then updated font file can be saved
Also you can type a sample phrase to see how it looks in KaM fonts
Fonts connection with palettes in FontEd is hardcoded and can't be changed yet.
On export used palette will be appended to bmp file, so you can see what colors are safe to use.
Some pics
Download will be available soon at:
http://code.google.com/p/castlesand/downloads/list