The other day I started the future racing arcade game while using the coord finder mod and I noticed that the font of the coords changed before starting the race. It's possible to change the font this way.
MGArcade_Sprite_SetFont()
In the past I've seen a few files relating to fonts... but I've never done much experimentation with them. You could try to though.
/Bully/TXD/fonts.nft
/Bully/Config/hdt/font.hdt
/Bully/Config/hdt/fontj.hdt
/Bully/Config/hdt/fontr.hdt
I believe that are the russian and japanese fonts along with the traditional english ones.
I would think the util library does it, considering the ArcRace1 imports the "Library/ArcadeRace_util.lua".
EDIT: I found this: MGArcade_Sprite_SetFont(gStartScreen, gStartText, 1). It seems interesting.
gGameOverLayer = MGArcade_CreateLayer(512, 400, 1, C_LayerUpdate)
gHighScoreText = MGArcade_Layer_AddSprite(gGameOverLayer)
Might be pretty complicated, but I think i'm getting somewhere.