As much as I love WC it’s sub-optimal because the icons won’t work with static pages or server rendered pages or email templates. WC (really just Custom Elements) also introduce the need for another build step or more config, requires test coverage, and probably needs a polyfill when using.
Skip all of it with a simple custom tag+attribute!
I don’t think you need a build step to do what I was suggesting for static sites but I get where you’re coming from — email templates would certainly be a great place to use icon fonts!
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