TrueType fonts are scalable vectors, not bitmaps so it is difficult to design glyphs in that way. I design my fonts to have a default line-spacing of 12 points (1/6") for 10 point text. In theory, a glyph using exactly half of the design space would be 6 points, 1/12", or 6 pixels @ 96 pixels per inch.
Design the font how you want, then choose the font size in the application to generate a bitmap of 127 pixels. You can test your font in the target application without installing it by opening the Font Test Window, then selecting the Font shown in that Window, in your application. Trial and error is likely to be quicker and more accurate than doing the calculations.
See this thread
for a discussion on a similar issue — how to get Caps Height = 1"
A quick test indicates that you would have to use a point size of about 140 points in the application, but it depends on how big the glyph is compared to the overall height of the font between WinAscent and WinDescent.
Black Circle ● is usually bigger than a Bullet • and both are bigger than Period .