I did this one yesterday, here are pics from each operation to do it. The signs milled area is about 3.5" x 15", 1/8" step for each pocket (two pockets), so 1/4" deep total. The entire sign took less than an hour
I started with my 1/4" down-cut spiral doing the first pocketing operation. Man did this make a difference on the amount of splintering and fraying on the birch. I'm taking 1/8" off each pass for each operation below.
This is the second pocket operation.
Next up is the v-carve operation of the top letters, using a 1/4" 60* v-bit/spiral bit (bought from drillman1 on ebay: http://www.ebay.com/itm/151552536855).
This is the final vcarve operation of the bottom letters and the outer frame.
I do have some un-evenness on the second pocket. I could simply run the second pocket operation again, but don't mind the rustic feel it gives.