I’ve not done this, so its just speculation, but I think it’d work. If I had to guess the pieces you’re missing are “convert text to curves” and/or the offset tool.
Make the big word. Put it on a layer.
Convert the big word into curves.
Make the script text, put it on its own layer.
Turn the script text into curves.
Use the offset tool to offset the script Outwards by, say, a quarter of an inch.
Move the offset to the big word layer. Hide the script layer for now.
Using the scissors (or maybe some kind of combine operation?), trim the vectors of the big word (you did turn it into curves, didn’t you?), so they’re not showing the area that will cut through.
Cut the resultant “big word” objects with and endmill and the pocketing toolpath
Cut the script words with a V-Carve toolpath.
Seal. spraypaint. sand. Impress friends and family.