Here is a method that finds the earliest x value and the mean y value used to create the word graphics, and subtracts all content in the graphic by these values to normalize the first character to {0, 0}:
TextToOutlines[style_] := Module[{content, x, y, xadj, yadj},
content =
ImportString[ExportString[style, "PDF"],
"TextMode" -> "Outlines"][[1, 1]];
{x, y} =
MinMax /@
Transpose[Cases[content[[2, 1, 1, 2]], {_?NumericQ, _}, 2]];
xadj = x[[1]]; yadj = Mean@y;
ReplaceAll[
content, {x_?NumericQ, y_?NumericQ} :> {x - xadj, y - yadj}]
]
Show[Graphics@
TextToOutlines@
Style["Fubar", FontColor -> RandomColor[],
FontFamily -> "Helvetica", FontSize -> #] & /@ {8, 4, 2, 1},
Axes -> True]
