The steeper bit (the 45 degree one) will cut deeper for the same width, so it might take a little longer, especially if you have very wide lettering. But it has a big advantage. Any error in Z height will end up being a smaller width error. It’s much more forgiving. If you have a slight difference between the Z at one end of the board from the other (due to material thickness, table not being flat, or sag in the gantry), the bit will cut deeper, making the tool path wider. If it’s a sharp bit, the width error isn’t as wide.
If you can get away with it, don’t set the max depth. Let the tool go all the way to the bottom creating a sharp valley in the middle. If you have a really wide letter, you can’t do that, but if it’s scripty, and only 1" tall, you’ll probably be able to get away with it. Then you won’t need to worry about stepover, because it will not have a flat bottom. If you need a flat bottom (in some places) do a very small step over, since the pointy bit is very small at the end. Like 5%.
I would do some test cuts, cutting something like an “A”. Start with a full depth, and slower feedrates that you would for a flat bit. It will depend a lot on how deep you’ll actually end up going. I’ve only done a few carving projects, but they didn’t take long and hardwood is expensive, so I just went ahead and picked some very conservative settings.