Should I be looking for another resource for creating web fonts from my OTF file?
Which problem do you want to solve by the sought conversion and what alternatives have you tried?
Any truetype or opentype font can be embedded in a Web-page. If there is no licensing problem (a Web-font would not help you anyway), then the compression rates of font files is less of a problem than that of ill-chosen image formats and otherwise overweight ressources. Font-preolading and -aliasing (see your font-faces rules) can outweigh all the advantages of a potential conversion of anything.