Considering Gundam Extreme VS Maxi Boost On has spelled "Font" name as F O N T, Font is probably the way.
Also Font saving that Fed guy might be questionable, but seeing how in the era this story take in, too many stuff has been revert back. Executing someone who might has some knowledge would do nothing but making progress even slower. Better use them. Hopefully Font's side would give his own punishment on that Fed instead of just letting him go away free.
Well, I wouldn't place much stock in their spellings. Waltfeld is the correct spelling of the Desert Tiger's name, and they went with Waldfeld. Then again, the same manuals I side with also say Wazoo instead of Oiseau, so...
Despite that, as I said, the spelling Phonto aligns more with Hasegawa's intention and preserves a crucial wordplay. The significance of the spelling "Phonto" comes from its connection to V Gundam's protagonist "Uso." Hasegawa intended there to be a deliberate dichotomy between "uso" (meaning "lie") and "honto" (suggesting "real" or "truth"). This duality extends beyond mere wordplay since Phonto was designed as Uso's perfect antithesis, with every aspect of his character serving as a mirror opposite, from his narrative role and combat capabilities down to his family dynamics. Having the spelling Font loses this entirely. Granted, this fact wasn't apparent until volume three came out, so... go figure.
I'm still waiting for people to try and defend "Uncle King" as Ash's grandpappy's name (and totally missing that his name is also the French word for Anchor, thus the name of the titular suit being all the more bittersweet/appropriate/ironic).