There are font creator that start like that but to create a good font you need to far beyond the just drawing of characters. There is a lot of additional characterisitcs that must be defined for a font to look good when scaled, when certain characters are next to each other, when made bold or italics, and others.
Basically, creating a font is a very complicated, time consuming process. Of course when I say this I'm talking about creating a professional, flexible font.
Some good font resources:http://www.cfontpro.com/resources.asp