Couldn't you just download the Google fonts and serve them up yourself and use a Cloudflare rule to cache it on the edge, instead of going through all this work?
And the css is going to be gzip'd anyway.. so we're talking a few extra bytes. Nothing that would make any difference in page load time.
There's no need for all of that extra work you listed. But I get why you want it to sound complicated, so people will use your work instead. Shouldn't you put a "I work at cloudflare" in there somewhere?
You can also just download the ttf files, and run them through a web font generator w/ proper support for hinting, etc... and then you'll have all of the formats you need.