So you’ve made a bitmap font and you’re trying to turn it into a TrueType font, yes?
That’s a little wasteful, since TrueType fonts work based on mathematical curves that get rasterized at runtime, not pixels like image formats do. Turning the pixels in your PNG image into curve descriptions will make the font file rather large and the font will not scale well.
Generally TrueType isn’t the best format to use for pixel art fonts. You’re better off keeping it as a bitmap font. The only reason you might want it to be TrueType is if you’re trying to use it with a program that only loads TrueType fonts.
About the colour: Having it be black and white is pretty standard. Normally the colour is chosen later on when the font is rendered by a text renderer.