First, you need to read the source license for the font to see if it allows modifications.

Second, if it does allow modification, contact the original vendor and ask them for permission.

Otherwise you are probably not legal, but that is just my opinion, not that of a lawyer.

Since you’ve modified an already existing font, you’ve created a derivative work. Unless you used an open-source font, it’s extremely unlikely that you can sell this commercially. You should have started from scratch, not from altering someone else's font. However, for the final say, check the end user licence agreement or contact the originating foundry.

And since there are scads of open-source imitations of Times Roman available, there is no need to use one of the proprietary versions as the basis.

If the license does not allow modification your are not legal - the software is what is protected and that is what you changed with you modifications.

You could use something like Starling Book, which is very similar to TNR and somewhat lighter, as a display font.

You could use something like Starling Book, which is very similar to TNR and somewhat lighter, as a display font.

Alright so I am a little unclear about what is appropriate...

I have no intention in selling this typeface, rather it was a solution to a problem presented during the design process. Times New Roman is clunky so I made it not that or at least curbed it a bit. This is purely for the design of a book that maybe distributed commercially. Again I have no intentions in selling or distributing the font software, but merely to use what I created in an academic project, nonetheless I have sent monotype an email.

Does anyone know how URW++ and their numerous derivatives are able to be sold commercially?

Thanks,
David

Many fonts restrict modifying the font for your own use, not just redistributing the result.