What Autocad 3D allows you to do is imprint ( in this case it would be text and my text would be "drawn" ) onto a selected surface
Learn something new every day. I found out that you need ACAD 2011 or higher to do this (time to upgrade). I'll have to do some research on this, as I'm not sure if you can actually use the projected text to create toolpaths. Depends on what type of entities are created.
Another option (cheaper than AutoCAD, but not cheap, is Vectrics Aspire, which can project toolpaths onto surfaces. In either case, you'll need a 3D model of the object you're engraving on.