I too had font funk when I noticed there was sixty thousand fonts everytime I pulled down my font drop-box down in Photoshop.
(I'm new at Windows 7)
First I tried deleting them (as one would expect to work) then I found this tutorial, went right to the OPTION 2 (registry method) ...but... first I set a restore point with "System settings and files" as the type.
Did the deed as described at the top of this thread (OPTION 2- registry) and re-booted, they were gone, nice!...but... then I noticed the system was using a different font now for desktop icon labels and such, so I decided to go back to that restore point I set earlier.
This is where it got interesting, I did the restore, rebooted and the desktop icon labels looked right again, but I noticed Windows didn't put back all the fonts I deleted (which was nice).
It only restored:
Iskoola Pota Bold (hidden)
I suspect one or more of those (hidden) fonts contain the system's default font for the OS.
Anyway I decided that was nice compromise, my fonts drop-box in Photoshop is much more manageable now without all the worlds fonts. I rebooted again and tried my apps and Windows stuff trying to see if anything was adversly affected and all seems well.
I didn't take a before screenshot (you all know how many fonts are there) but here is the after screenshot, both Control Panel-Fonts, and what appears in Photoshop's font drop-box: