But of course the change breaks existing font layouts. That's the point.

Fonts are currently positioned too low and so you've most likely offset them in your layout already to compensate. The fix centers text on the line where it belongs as specified by the bitmap font layout file.
There are 2 things I recommend looking at.
1. Where does the font sit on the line? Notice in my screenshots it's centered after the fix in the widget bounds. Where do your fonts sit within the widget bounds before and after?
2. Review the code. You're not using baseOffset anywhere. Logically, how can your line rendering offsets be correct if you're not using it?
If you're concerned about the breaking nature of this change, that's a separate issue. You could always add a boolean to the font to toggle use of the baseOffset in rendering if you don't want a break, but at least that would give us a way to enable accurate positioning so we can use widget pivots.