Generate TTF font at runtime and use it in TF

Is it possible to generate font at runtime, define it as Font class and then use it in text field?
for example:
1) user uploads table of custom letters (JPG)
2) as3 app. traces it to curves.
3) as3 app. creates Font class from it.
4) user can use it within a TextField

I believe that, technically, you could build a ttf file in a bytearray. You could then inject that into a pre-made swf bytearray as an embedded font. Then, load that swf bytearray, and access the font resource. However, there are a lot of points there that I'm not sure will work. Even if they did, it's certainly not trivial to build any of these bytearrays properly.