It would, but it doesn't appear to be accurate. A pixel is 0.75 points, so it's easy to convert from pixels to points, but I still can't get from characters to pixels or points. That site gives the formula Characters = (Pixels - 5) / 5, but for example, the default width is 8.43 characters or 64 pixels. (64 - 5) / 5 does not equal 8.43.
Characters is also not the 64 / 8.43 = 7.6 pixels that would seem logical, for 3.29 characters = 28 pixels.