Ascender believes that although not perfect, EOT represents the best current solution for type designers and font foundries to protect their Intellectual Property. It is the only web font embedding solution that respects font embedding permissions, uses an industry-proven subsetting and compression mechanism, and ties embedded fonts to specific web sites.
I still think image replacement is a pretty good option.
Okay. I still think no image is really the best option. Just avoid the misinterpretations altogether. If the client is that particular about a font, hopefully they will have educated themselves on the pros and cons of forcing its use in certain media. If they haven't, that's where we come in. :)
Knowing "succinctly" what I do now, I wouldn't give it a second thought. No argument, just use the imagery and the alternative content methods available. The alternative methods take on the same meaning as the element they are wrapped in. It's a pretty simple process. Anything beyond that and my rates go up 100%. ;)