An entertaining font, and refreshing to see something of a slab-serif when most bitmaps we see lately are sans.
Looking at the word "Pfospfor," it appears to have a jumping rhythm due to the f and p not lining up with the other characters. I suppose this feature really stands out because the serifs create such horizontal movement.
Why truncate the ascenders and descenders? Allowing them to increase by one pixel will open up the design and allow the p, q, g, f, and t to hit their appropriate marks on the baseline and xheight.
I've taken the liberty to test it- Here is a comparison...
The other challenge here is spacing. Because of the variety of shapes, one can't assume that each character would have one pixel of spacing between it and the next. Some characters might require 1 pixel, and others wouldn't require any because of the serifs.
Where do you see the design going? Do you have any other weights or sizes in mind?
jb