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I don't think there's any need to change permissions. I didn't.
I edited the securityimage.php file off site and overwrote the original with my ftp application.
Same goes for fonts. Choose half a dozen fonts (TrueType) that you like from one of the free fonts places, download them (in xxx.ttf format), delete the fonts already in uploads/securityimage/fonts/ (using your ftp app) and upload the new ones.
That's all there is to it.
Happy hacking :)
Never let a man who does not believe something can be done, talk to a man that is doing it.