This question has been solved, in XeTeX, by this code:
\def\kright#1{\leavevmode #1\kern-\XeTeXglyphbounds3 \the\XeTeXcharglyph`#1 }
\def\kleft#1{\leavevmode \kern-\XeTeXglyphbounds1 \the\XeTeXcharglyph`#1 #1}
which allows me to align text more precisely to the ink by accessing the side-bearing measurements (\XeTeXglyphbounds1 and 3).
This XeTeX dependency is currently the only thing stopping me from moving to LuaTeX (mainly for microtype). Is an equivalent function available in LuaTeX, or planned?
After reading a bit more on microtype, could the equivalent effect be achieved by an appropriately-tailored set of character protrusions? That way, my move to LuaTeX might be a lot simpler.
