Currently the font size accurately represents the height of letters like A, but it doesn't take into account accented characters (like À) or descenders (like j). Accents and descenders both currently protrude by about 1/4 of the font height, so the actual maximum height of a line of text is 1.5 times what you might expect.
For some stuff I'm currently working on it would be convenient if
g.clearRect(x, y, x+g.stringWidth(text), y+g.getFontHeight()) was always guaranteed to cover a single line drawn via
g.drawString(text), which isn't currently the case.
Overall, though, I don't have very strong feelings about whether we should tweak the font size.