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Here's something I made a few years ago, all in one night, just to see if I could do it. Looks like some of the lines grew rounded caps when I converted this to a .swf, but you get the basic idea.
I was thinking of trying out a sort of rounded hexagon theme for the lowercase letters, to make it more like blackletter.
You can see it at http://www.oogby.com/oberto.swf