One cannot practically do that with a font. With fonts it is more like trying to find who removed the proverbial needle in the haystack after it has been found and moved elsewhere. Unless a license holder admits to releasing a font in the wild, it would be incredibly difficult (impossible) to identify the perpetrator.
Again, and as I said, serialisation is not about identifying a 'perpetrator' responsible for distributing a font illegally. It is about being able to say to someone using the font 'Excuse me, but this font is not licensed to you. Please pay for a license.'
And just because the font can be traced to a purchase doesn’t mean that the purchaser released it on a pirate font site. Every time they send a job to print someone else gets a copy.
The point of serialising fonts with licensee data isn't to trace the source of pirated versions but to be able to clearly identify unlicensed use. In this respect, serialising fonts is no different from serialising other forms of software.
...as the copyright owner, I can do whatever I want with my own creation.
Excepting as contractually restricted. That is, sometimes works are created under contract, and even though one retains copyright the contact terms might place some restrictions on the exercise of that copyright. So, for example, Tiro owns the copyright to the Slabo fonts, but under the contract by which Google paid for the development of the fonts we can only license them under OFL or Apache 2.0.
Robert Bringhurst has used colour in typography, in hierarchical manner. I recall one work where the lines of text overlapped, in different colours.
Perhaps The Blue Roofs of Japan? One of Robert's attempts at polyphonic typography, in which two voices overlap. The original edition used blind (non-inked) letterpress for one voice, leaving a ghostly impression on the page. I believe the later trade edition used a second colour instead.