I never tried to "sculpt" text in LC. It's beyond the intended use as a "basic" importer in my opinion or would be considered an advanced use of it.
BUT if you draw it in light of the machining then you can use LC to generate the code.
You should be able to draw out the paths based on a specific cutter and figure out the depths in CAD based on a v tool, but would require thinking about the machining and envisioning the outcome of the path. That's where advanced programs come in, like Gerry noted. It may not be too bad for a single letter but for a lot of text woud be a pain.
Now if you created your owne text alphabet, and did the letters to say to a common unit size , you could scale up and down and move them around to suite a future job. Put each letter on an indiviual layer and draw the paths so they come in as a chain. You will need an accurate machine, some moves will overlap other moves and as such can cause "indentations" would
detract from the effect you are trying to create.
As far as making a V tool with multiple cutting edges .........buy one. The time required to make it is not worth the effort. Single cutting edge would be a easier, but again time and effort may not be worth it.
If the tool is not made correctly ,you'll be disatisfied when it's used.
Just some thought's,
RICH