Here is a picture of a v grooved sign we did for a homeowners association a little while back. This one had a lot of text for a v grooved sign. It's 48" x 29" and the substrate is 1.5" HDU.
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It turned out great. For the larger text I used an 120 degree bit. For all the small text I used a 90 degree bit.
Here's a closeup of the small text:
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