I've recently started to make a Python program to optimise SVGs, which you can find at: https://github.com/petercollingridge/SVG-Optimiser
There's a very preliminary online version at:
http://petercollingridge.appspot.com/
With more information at:
http://www.petercollingridge.co.uk/blog/svg-optimiser
It's far from complete and probably highly buggy, but it deals with some of the issues Chasbeen mentioned such as removing unnecessary precision and default style attributes. It can also strip out unnecessary attributes and namespaces if you know what you're looking for, and will convert styles to CSS which makes it easier to see how they could be improved.
I don't really understand what you mean about embedding fonts. If you paste an example fragment of the SVG showing the gyphs and multiple character elements, I might be able to include a method to combined them.
