As far as I can tell, that costs money. I get the idea, though, I should be searching for "font making tools" not "How to make a custom font for corel paintshot pro".Well there are programs out there that you just add .png or .gif files to a sorted list and it converts it to a font file type for you.
Here's an example of such program. http://www.fontlab.com/
I do not know if you can just use photoshop to create a font, but I doubt it.
Meh, thats what it looks like.And I doubt there are free programs for that.