Then go take a look at the Microsoft Typography Pages.
Since I have never done it, I have no idea which tools are best or cheapest. Fontlab or Fontographer will probably do it. Better wait for some advice from others who have done it.
Links for Typography and Design Standards
Also in the Specification Forum, see my email from Ulrich Steilh on Font Hinting and Smoothing.
I have put the notes there to keep information a bit organised on this forum.