Yes, new fonts can be created. They require a special tool to compile them. At the moment, the only people who have this tool (to my knowledge) are the Empeg people, and Bruno ("Hybrid8") here on the BBS.

If you think you can create a great font, create it in bitmap form first, and if you think it's good, then contact Bruno about compiling it for you. Remember that you must restrict your fonts to exactly the same dimensions and color depth of the existing fonts.