This is what worked on my NT Emacs 20.7 and 21.2 based on the NT Emacs FAQ. See OnlineResources.
The following code will define additional FontSets for you to use.
;; BDF font stuff (Japanese for NT Emacs 20.4)
(when (featurep 'mule)
;; Then set w32-bdf-filename-alist to the list of fonts returned by
;; using w32-find-bdf-fonts to enumerate all of the font files. It is a
;; good idea to set the variable bdf-directory-list at the same time so
;; ps-print knows where to find the fonts:
(setq bdf-directory-list
'("c:/Internet/Emacs/intlfonts-1.1/Asian"
"c:/Internet/Emacs/intlfonts-1.1/Chinese"
"c:/Internet/Emacs/intlfonts-1.1/Chinese-X"
"c:/Internet/Emacs/intlfonts-1.1/Chinese-BIG"
"c:/Internet/Emacs/intlfonts-1.1/Ethiopic"
"c:/Internet/Emacs/intlfonts-1.1/European"
"c:/Internet/Emacs/intlfonts-1.1/European-BIG"
"c:/Internet/Emacs/intlfonts-1.1/Japanese"
"c:/Internet/Emacs/intlfonts-1.1/Japanese-X"
"c:/Internet/Emacs/intlfonts-1.1/Japanese-BIG"
"c:/Internet/Emacs/intlfonts-1.1/Korean-X"
"c:/Internet/Emacs/intlfonts-1.1/Misc"
"c:/Internet/Emacs/unicode/Fonts"))
(setq w32-bdf-filename-alist
(w32-find-bdf-fonts bdf-directory-list))
;; Then create fontsets for the BDF fonts
(create-fontset-from-fontset-spec
"-*-fixed-medium-r-normal-*-16-*-*-*-c-*-fontset-bdf,
japanese-jisx0208:-*-*-medium-r-normal-*-16-*-*-*-c-*-jisx0208.1983-*,
katakana-jisx0201:-*-*-medium-r-normal-*-16-*-*-*-c-*-jisx0201*-*,
latin-jisx0201:-*-*-medium-r-normal-*-16-*-*-*-c-*-jisx0201*-*,
japanese-jisx0208-1978:-*-*-medium-r-normal-*-16-*-*-*-c-*-jisx0208.1978-*,
thai-tis620:-misc-fixed-medium-r-normal--16-160-72-72-m-80-tis620.2529-1,
lao:-misc-fixed-medium-r-normal--16-160-72-72-m-80-MuleLao-1,
tibetan-1-column:-TibMdXA-fixed-medium-r-normal--16-160-72-72-m-80-MuleTibetan-1,
ethiopic:-Admas-Ethiomx16f-Medium-R-Normal--16-150-100-100-M-160-Ethiopic-Unicode,
tibetan:-TibMdXA-fixed-medium-r-normal--16-160-72-72-m-160-MuleTibetan-0")
;; Need to add some fonts to font-encoding-alist since the bdf fonts
;; are type 0 not the default type 1.
(setq font-encoding-alist
(append '(("MuleTibetan-0" (tibetan . 0))
("GB2312" (chinese-gb2312 . 0))
("JISX0208" (japanese-jisx0208 . 0))
("JISX0212" (japanese-jisx0212 . 0))
("VISCII" (vietnamese-viscii-lower . 0))
("KSC5601" (korean-ksc5601 . 0))
("MuleArabic-0" (arabic-digit . 0))
("MuleArabic-1" (arabic-1-column . 0))
("MuleArabic-2" (arabic-2-column . 0))) font-encoding-alist))
;; Tell NT Emacs to use a font menu similar to the one it uses on Unix
(setq w32-use-w32-font-dialog nil))