Unity's upcoming UI will handle this properly.
Really ?? New GUI will include that functionality? Wow, thank you for that news.
You will be able to dynamically include only the needed characters, so the texture size will be much reduced.
I included only the needed characters but cause of font size I couldn't reduce texture size.
It is related to chat like application, so that I should include almost whole characters which are well used.
Until then, look into the Packed Font feature. You will be able to fit 4 times the amount of characters into one texture. I'm not sure what you mean "because of alpha". There should be no difference in quality.
What I mean about "because of alpha" is
As you know in BMFont tool there is "Render from true type outline" and "Font Smoothing" option and it is very important that it makes character's edge smoothly and soft.
But when packed font, it doesn't work i think and the character isn't cute ^*^.
===
I got news that new UI will be published in unity 4.x.
But it will also take a couple of years till what we(developers) are satisfied.
And also new UI will follow the way NGUI has taken.
So I really hoped Mutltexture font functionality in NGUI.
===
To be frank, I encountered serious problem that I couldn't use NGUI because Korean font texture size exceeds 4096(Chinese is same).
So I changed my mind and now I try to make text effect with GUIText because unity 4.0 beta supports dynamic font in mobile and no problem to generate big text.
But effect is much more difficult than NGUI.
I make outline text with 5 GuiTexts.
Right now I try to clip GUIText but i think no way to do it. (Actually I did it in NGUI)
===
That's my problem and I respect your opinion on that.