did you close wow completely and open it again after moving your fonts to the folder? wow wont loads such things on the fly to the best of my knowledge.
also, i'm not sure but by the sound of what you'r trying to do (make a raidwarning style frame), wouldn't it be easier to use a messageframe?
Code:
local msgFrame = msgFrame or CreateFrame("Messageframe", "MyMsgFrame", UIParent)
msgFrame:SetWidth(500)
msgFrame:SetHeight(200)
msgFrame:SetPoint("TOP", UIParent)
msgFrame:SetTimeVisible(1.5) --how long it will stay visible
msgFrame:SetFadeDuration(1) --how long it will spend fading out
msgFrame:Show()
msgFrame:SetFont("Fonts\\MORPHEUS.ttf", 30, "OUTLINE")
then to add a message you'd use
Code:
msgFrame:AddMessage("This is a message!", r, g, b)
(r, g & b being 0-1 values representing the rgb ammount)