Build the recovery_l10n app:
cd bootable/recovery && mma -j32
Install the app on the device (or emulator) with the intended dpi.
adb install $PATH_TO_APP
Run the app, select the string to translate and press the 'go' button.
After the app goes through the strings for all locales, pull the output png file from the device.
adb root && adb pull /data/data/com.android.recovery_l10n/files/text-out.png
Compress the output file put it under the corresponding directory.
pngcrush -c 0 text-out.png $OUTPUT_PNG