Modeling V-Engraved / Chiseled Text

Question

Are there any good Blender techniques for modeling engraved text with a "V" shaped groove/depression? The image below shows what I am after. To model this, I used GIMP to create the gradient (using the "shaped" gradient function).

. . . then used it in a displace modifier. The limitations of this approach are obvious . . . it takes a high level of subsurf to show the groove cleanly, and at this point the limitations in the source gradient become apparent.

The "bevel" setting of the text object offers something intriguingly close, but as far as I can tell it will only bevel outwards. I don't know of any way to "collapse" the middle vertices into an angled groove, whether before or after converting to curve or mesh. The "offset" setting of the text does shrink the outline, but as with "shrink/fatten" the feature does not seem to do well at collapsing loops to a single edge.

If there is not a convenient way to model this, is there at least a clean way to automatically remesh the displaced text to something suitable? I wouldn't want to bother with manually remeshing a bunch of text.

EDIT: well I appreciate the assistance so far, however "manually retopologize" is not really the answer I'm looking for, I'm hoping for something a bit more automatic. I've gotten partway there I think. Some of this was suggested by the following topic: How to intersect objects and delete leftover internal planes?

Basically, if the text object is extruded, converted to a mesh, and the top and bottom planes are deleted, leaving only a tube in the shape of the letter, you can take the bottom edge loop and use "shrink/fatten" to completely invert it. This will create a self-intersecting mesh with grooves in the right places. One can then use the Mesh-->Faces-->Intersect (Knife) tool with Source set to "Self Intersect" to create cuts along those intersections.

While still not perfect, it's reasonably close to what I was looking for, and I'm hoping that there might be ways to tweak the process to get a "proper" mesh.

EDIT 2: The addition of a subsurf helps iron out the strange areas, and it is actually not necessary to use the "Intersect (Knife)" if the back part of the text mesh will be hidden:

Answer 1

Result ...

... later I noticed you did it by very similar technique, but since you didnt create your own answer (for a few years) and this Q gets still attention I created one with a few details to help followers to get nicer topology.

Intersect (knife) is still the core, but instead of Shrink/Fatten (you mentioned also issues with that) I got nicer result with Bevel operator.

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Lets start with Text object and Convert to Mesh ...

... generate n-gon by Dissolve Limited (X), just under operator properties -lower value to 1 deg (so you don't loose smooth curvature at low angles of letter's shape). Now search for Decimate operator to get a bit even vertex distribution ...

Extrude outline in Z axis ...

Bevel (Ctrl+B) bottom ... move your cursor until entire G face is crossed ...

Now lets get rid off the unwanted parts ... search for Intersect (Knife) and under operator properties set Source - Self Intersect - this generates a cut in place of intersection ... from side view select all bottom vertices and Delete them. Search for Merge by Distance, once to merge middle cut ...

Note: To easily select middle vertices - Select All and than with Alt+Shift click on top edge deselect top edge loop.

Now use Merge by Distance again just for this middle rim to connect some nearby vertices (by adjusting Threshold value) to get nicer topology ...