For the font repository we maintain as part of UniversalLanguageSelector, we use Google sfntly[1] to convert fonts to WOFF and EOT with maximum compression. We also use MicroType express compression[2] for compressing eot to reduce the size as possible as we can.
Fontforge has an option to export the fonts to WOFF format.
[1] http://code.google.com/p/sfntly/ [2] http://code.google.com/p/sfntly/wiki/MicroTypeExpress
Thanks Santhosh