After getting to some point and discussing with a few folks about it - I was not able to articulate the need for such a tool ...
After thinking a little more I realized a usecase -
A tool like this would help in drawing a diagramatic representation of a structure definition from a C source!!!
Doing it non-programmatically would not be so easy.
Anyway, I also realized that font rendering is a little more complicated that picking up the bitmap from the Linux source.
I am going ahead with the bitmap approach for now ... but I came across a nice ruby library ruby-ttf that can read tty information.