If one wants to do something with ligatures in monospace fonts, something like glyph #763 should not even be a thing. This is one of the most horrible glyphs I have seen so far.

If you want to improve monospace fonts, work on things like ‘im’, ‘mi’, ‘lw’, and similar constructs. So an ‘m’ between normal glyphs is “small”, but adjacent to narrow glyphs it is wider, moving the intercharacter space towards the narrower character.