Dave,
Yes Cut 2D would do that but it justs engraves the letters.
Where VCP differes is that it can do vee carving, what this does is it uses a vee shaped engraving cutter with a tiny flat on the end. and cuts out as normal until it gets to the outer edge and then when it gets to a corner it automatically raises the tool until it reaches the corner then lowers it.
Even thought it's machines like a hill top with two valleys you only see the sharp corner, In Cut2D, Sheetcam and Cambam you will get the radius of the cutter showing in the corner.

Not the best picture in the world, zooming in hasn't helped but if you look at the W's and Y's you can seee a crisp serif.
I may have a cost effective viable alternative but need to check. Probably post later tonight.