The easiest way(if complex) is to use a CAD/CAM program. Other wise, you can write the G-code all at one depth, open it in a text editor and alter the sections of G-code that you want Mach3 to control the depth differently.
In the picture included here, I roughed out at two depths to gently reach the full depth. I could have left some areas shallower but this was not the case here. Howver, the perimeter cut around the outside is only a small percentage of the depth within and around the letters.
If you are looking for letters that have altering dimension vertically, you may use a standard degreed(angled) bit , but you still have to edit the G-code to achieve your desired result.
Cad is the way to go....whether you use ball-end cutters, straight cutters, or "v" shaped cutters.
Look around...there are all kinds of Cad/Cam(drawing-g-code) programs within this forum that would work for you.
Right within Mach3 is the lazycam program.
To actually "say" how to do it would require a lengthy group of words here, but there is great documentation for your reading enjoyment.
