Why can't font files be compressed, as that would just be using a dictionary which I believe that GZip already does.
Do you perchance mean "dynamically loaded, on demand"? Because there's no standard for it. Because – as usual – "good enough for Western audiences".
But maybe that's not enough of a benefit unless there's also a way to say "okay you need to use this radical, but a bit narrower, but the strokes need to be the same width and not distorted".