Review:
TypeTool is a scaled-down version of FontLab, and it is recommended for "quick, simple font edits " by its developer.
In TypeTool you can edit both TrueType and Type 1 fonts, but there is no native support for TrueType fonts as in FontLab. TypeTool can automatically hint and kern fonts. It also allows manual kerning and manual hinting, but if you export your font to TrueType format, manual hinting information will be replaced with automatically generated hints.