If the output bitmap matches the look of the font (the typeface) then it essentially IS the font, and yes you would be violating the license.
You may embed the font in electronic documents, but you may NOT include the font in a software product - this requires a special license.
Even though it's just an image it would still be the exact font, which is the point. And this would obviously be a software product.
My best suggestion to you is to examine what you like about the font. What characters cause it to stand out to you or cause it to look good, what features (i.e. the roundedness, the thickness, the "bubble" shape, etc.) and then use a font creator package to create your own font which has these same features, so that it looks similar but is obviously not the same and was created from scratch. In the process you might find one or two characters which don't quite look good to you in the original font, but by creating them yourself you can fix them and make it even better.
Alternatively, you could ask them exactly what that "special license" is that they mentioned in the section I quoted above. Perhaps you can spend a bit more money and buy a special commercial software license for the font. Depending on how much you consider your time worth, this could be the better option over taking the time to create an imitation font.