Although collaborative open font projects using the Open Font License can already enjoy Launchpad's features by choosing Other/Open Source in the licensing choices it would be much better to add explicit support for this widely used font-specific license.
The OFL (http://scripts.sil.org/OFL) is the community-recommended license for libre/open fonts which you can use/study/modify/redistribute. It is validated as a Free/Libre and Open Source license by both the FSF and the OSI: http://www.gnu.org/licenses/license-list.html#Fonts http://opensource.org/licenses/openfont.html
The main community groups have given support to the licensing model: http://www.unifont.org/go_for_ofl/ and a high number of quality open fonts are released (or re-released) under the OFL.
The OFL is is in line with Launchpad policy as indicated on:
https://help.launchpad.net/Legal/ProjectLicensing
Various Launchpad projects already make use of this license but cannot pick it in their project description.
Please find a patch attached to provide explicit support for the license and facilitate the use of Launchpad for collaborative font design.
This patch will not show up in the UI. This will work over API, but the license widget that allows users to pick a license must know what group the license belongs in. I belongs on the second group. There was discussion of adding a group on non-software licenses to license widget to accommodate GDFL. We decided at the time not to support it because there was not a lot of demand for it. There are 5 project with the OFL license registered in Launchpad.