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I would probably, do a roughing pass (with the largest bit possible to cut that image without rounding corners) [maybe ⅛" or ¼" for roughing then a ¹/16" for a detaile pass. As for what program you likely will have to create the 3d rendering in fusion 360 or vetric to generate 3 dimensional g code. Easel isn’t capable of generating full 3d paths.
You could either cut the lettering as a fill
(Engraving) or you could cut the text with ¼ or less plywood or planed glued up hardwood, and just glue it on top of the bottom layer.