I'm not Aren, but - not likely.
There is not going to be much disk space wasted. However you are going to deliver your app, the texture ought to end up being compressed on disk.
I think chances are also high that the graphics card of the device you are building for (e.g. iOS) only deals with textures which are a power of 2 in size (256x256, 1024x1024, etc).
However, if you aren't using Dynamic fonts then I think you might be able to put the font into an atlas along with other graphics.