What are some alternatives?
When comparing My Script Font and Type light, you can also consider the following products
Fontself Maker for Photoshop - Turn any lettering into color & vector fonts
FontForge - Free (libre) font editor for Windows, Mac OS X and GNU+Linux
FontStruct - FontStruct. Build, Share, Download Fonts
FontLab VI - font creation and editing, including variable fonts and color fonts
BirdFont - Birdfont is a free font editor which lets you create vector graphics and export TTF, OTF, EOT and...
Type Anything - Test & create the perfect typography setup for your website