Curved Text, vertical walls?

I am trying the V carve pro trial and it appears what I expected it would be great for in my application, it may not do?

I need to make curved text which will remain as islands. The curve seems to be the hangup, although I have seen v-carved images with a curve. What are the good tricks for that? - edit - I am actually not on a circular curve, but want to match up to an oval shape.-end edit-

Also, I need to go .060 deep in steel and would like to cleanout with a larger tool of course, which v-carve handles nicely, but I want to machine the walls of the text islands vertically. I tried to "fake out" one of the v cutters to have a .1 degree angle but I cant seem to get there. Is there a way to do the profiling around the text with an end mill?

Thanks
Scott