Hi I am new here because by chance I saw your question. I have used Fontographer to create my own fonts from drawings and it is easy and free. It will work with W7, I think. You need a painting /graphic program to create tiny drawings of each character and then you just drop them in handy boxes. I cannot remmember the details but I remmember it as fun to use.
Fontographer free? They're asking $250 on their website. Are you thinking of some other program, maybe?