There are (I believe) two programs that perform this task. At least one of them is called ``mf2ps''. If you have any more information about these tools, please let me know.
Chang Jin-woong reports that he found the ``mf2ps'' package with Archie. It is written by Shimon Yanai <yanai@israearn.bitnet> and Daniel M. Berry <dberry@cs.technion.ac.il>. The source programs are written in Pascal.