Hi Joe,
I think the best thing is to use a tapered cutter and use a profile milling to cleanup the text edge - making sure to not cut down into the background.
When you say "like a V-bit profile" do you mean a draft angle on the text? Or just a chamfered edge on the top? You should be able to use the profiling operation on there to get a chamfered edge pretty easily. The only issues I've fixed since v1.53a with the profile milling operation are when a Cut Width is used and duplicate cuts can be generated as well as the tabbing functionality that wasn't working right with metric projects. You can also use the Min Depth parameter to ensure that your parallel roughing/finishing operation(s) only cut below where you want a chamfer. Set it to just down to the top of your background layer, a tad above it perhaps, as long as it's below where you want your clean text edge to be. Then come in with a tapered cutter or v-bit and profile the text deep enough and at an offset that produces the edge you're looking for.
Let me know how it goes!
- Charlie