Using a custom SVG block per letter is probably overkill.
What you're seeing is that on some Kindle devices, you cannot set the line height to less than 1.2x the font size, because Kindle's interpretation of CSS is deliberately brain damaged by design.
However, assuming your descenders aren't too tall, you should be able to achieve the same effect by leaving the line height set to 1.2em and using negative bottom margins with overflow-y: hidden.
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