create a separate text field for each letter so that you can vary them easily
as soon as all the individual letters have been created, mark them all and look for a suitable font
I create a rectangle in the size I would like the whole project to be
that's good to have an overview 
 

as soon as you have everything you need, align everything with each other
here the function vertical align center is helpful

for the heart i created an outline with -5 so that the circle goes inwards 
marked both circles and selected substract
then click on engrave
 

the red areas are cut separately and then glued onto the finished design
at the bottom I have created a rectangle for the connection 

i painted the lettering with spray paint and the red parts with acrylic paint