Illustrator and Photoshop are not enough. You need a font editing tool, such as FontLab Studio, FontForge, Fontographer, TypeTool, or Glyphs. They range in price from open source (free) to $600+. They allow you to turn a "set of alphabetic characters" into a font, and help with creating those glyphs.
But having the software isn't the same as knowing what to do with it, any more than having Photoshop makes you a photographer. Your question is kind of like saying you can't find a good piece of music to have playing at your wedding reception, so how do you go about creating a symphony? Or you don't like the chair you've been sitting in, so how do you create a replacement? It's not that these things are impossible to learn, but the relevant skills are a substantial investment of time and energy.
My serious answer would be study on your own for a year or so, and apply to the appropriate Master's degree program at the University of Reading (UK), or the Royal Academy in the Hague. Or the new program just starting up in Buenos Aires.
Cheers,
T