Adding support for photo fonts would, I suspect, be a major undertaking.
One can create Multi-coloured fonts, but it would be quite labour-intensive to use a lot of colours.
Adjusting the import scaling is possible using FontCreator’s Options, in Tools, Options, Exchange. Most glyphs would have to be adjusted for position, as some might overshoot the CapHeight and Baseline by different amounts. Recalculating the font metrics after all design work is done will make the glyphs fit within WinAscent and WinDescent.