I was experimenting today with text that is both raised and V-cut.
It came out pretty good I think.
I first of all created the V-cut text file without the raised text.
Then I added the raised text to the banner.
I then cut piece out with 1/8 inch tapered ballnose bit with a stepover of 0.005 inch.
I switched to a 45 degree V-bit cut into the raised text...
After a light sanding it left a raised hallo around the V-carved text.
This should make a nice Christmas welcome in our front door!