ive been using an app called glyphs (http://www.glyphsapp.com/) to create typefaces, and recently had a go at an icon font for web use. i imported glyphicons as they come with bootstrap to see what the metrics were they used. so at 20px fontsize theyd match the grid best. etc etc.
i have a custom script to export a css file that creates all classes with the attached unicodes. and another python script that asignes unicode values to custom glyphs (some icons are actually part of unicode, like camera, bell, and things like that)
after that i have to use font squirrel for web font conversion tho,
i have been in touch with the developer who said that he was implementing webfont export. updates are free, but he has not included direct webfont export yet.
so its always a bit of a hassle to get the font out of the app into the browser.
but i certainly have streamlined a few factors.
fontlab is not as userfriendly and i cant recommend it mainly for that reason, but also price. glyphs offers a mini version for 40€ that should cover the functionality needed for icon generation.