Physically embedding fonts inside an epub is easily done, once you know what to do. Publishers do it often (usually with the Charis SIL font in the epubs I've encountered). You still need to do the @font-face statements, but they point to the font files actually inside the epub
If you plan to publish, you would need to read the font copyright carefully to make sure that distributing the fonts was legal.
I guess you'd also need to check that embedded font epubs worked correctly on a good range of the most popular readers. I can vouch for the fact they work on all the readers I own.
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