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The API you're talking about is for resolution independent interfaces all around, it goes way beyond just changing a few default font sizes, so it's going to be a huge change. It's more involved than the DPI preference found in Windows - which didn't have a great track record IMO (I used to use it set to "Large Fonts" which is 120% or so and a lot of stuff would break with it).

There is a tool to change the DPI setting of the UI. I think it was part of CHUD or Xcode. I remember playing about with it when I first installed Tiger but it didn't really work properly as some things were resized and other things weren't.