A possible method is to type characters into a graphics program set to 2 colours and save the data as bmp. The bmp file has the characters as bit maps, can write a program to rearrange it to fontx format. I tried it and got as far as writing the .bmp file. Type 1 letter per line and crop it to the desired pixel width so it is a column of characters. Looks like it will work.
However, Times New Roman is designed as a proportional font, it looks like Fontx expects a monospaced font. So it won't look right. Plenty of serif monospace fonts to choose from.