You can create composite curves from the edges you are interested in, and if necessary you can project them onto a plane in a sketch and rework them afterwards. Or convert the text into a sketch and shift the half of the font thickness, on the other hand it can be a bit of a hassle depending on the font style.
For the engraving of the part, you produce or a subcontractor??? Because in both cases, it is at the level of programming that it is at stake. When I receive a plan from my customers with a text to be engraved on a part it is specified on it and it is done during the creation of the machining file and if you want to see it on your 3d; you will have to go through Autocad or another software and create your text then copy and paste it into a sketch of Solidworks and leave it. Once you've pasted it and left the sketch, you need to bring it up.
Alternatively, you can create a sketch on the face of your marking, then select the inner edges of your material removal, as in the attached image, and convert the antitated to have a sketch with a stroke of your text. Then after this operation you can use the delete face function by going to insert==>face==>delete. This way you will remove your envelocity while keeping the link between it and the sketch.
Otherwise put a canister coin with this type of removal and I'll give it to you in the post.
By the way, which version of SolidWorks are you on???
I don't know why this post from 2017 was unearthed but hey I'll add my grain of sand.
Actually, just a remark on how to machine text.
If you use a cutter of a certain diameter (often 3mm or more) it is better to use a single line text as indicated above.
On the other hand, if you use an engraved or pointed drill bit (square plate at 45°), a double-line text is not annoying, and you can adjust the width of the line by playing with the depth of the pass. We know what we do on our wood panels and it works very well and it remains legible.
