it is still an issue with the permisions on the font directory.
you could change the code to:
"ContactForm_GMC/WA_ValidationToolkit/WAVT_CaptchaSecurityImages.php? noisecolor=<?php echo $WAGLOBAL_Captcha_Noise; ?>&bgcolor=<?php echo $WAGLOBAL_Captcha_BG; ?>&textcolor=<?php echo $WAGLOBAL_Captcha_Text; ?>&transparent=<?php echo $WAGLOBAL_Captcha_BG_transparent; ?>&characters=<?php echo $WAGLOBAL_Captcha_Characters; ?>&width=<?php echo $WAGLOBAL_Captcha_Width; ?>&height=<?php echo $WAGLOBAL_Captcha_Height; ?>" alt="security code" /><br />
Basically just removing "&font=<?php echo $WAGLOBAL_Captcha_Font; ?>"
which would bypass the use of the font.