ttf2agk is a script which takes the fonts you have downloaded (or installed) and converts them to .png/subimage.txt format directly. It supports variable border width, drop shadows, and radial, horizontal and vertical 'colour tweening'.
It is a python script/library and can be used programmatically, with batch/shell files or as a command line tool. The command line tool uses a CSS-like styling command set, e.g.
python ttf2agk.py "font:Arial;vertical:#ff8000,black;border:blue,1;dropshadow:#00ffff,5"
Creates an Arial based font coloured orange to black, top to bottom, with a 1% wide blue border and a cyan dropshadow offset at 5%.
Requires Python and Pillow (Python's Graphics Library) to work. Demos and examples are included (only one file from the repository is actually required for it to work).
It is free and open source.