I used that tool long ago and it was pretty good. Since then I use two bitmap font generators. One I wrote myself, which outputs in a format native to my engine (XML + png). I also wrote a python script to render artsy bitmap fonts in Blender 3D. It works by designing a single glyph and the script will iterate over the character range to render each one.
My fonts are always white with a transparent background. My engine is designed to colour the font as needed at runtime using a blend multiply operation. If the API is restrictive and doesn't support that, my engine will pregenerate the colour versions of the font at load time. This offers the greatest flexibility and saves me from micromanaging multiple versions of the font.