Another fun thing you could do is use my new favorite modeling tool. Curves!
Text can be directly converted to curves and you can change the fill mode to none on the curve properties panel. What’s even cooler is you can pick your own bevel curve as an object to provide the similar (or more unique) thickness around the edges. It feels a little less destructive and more procedural and has more of that Spikey tire flare!

If only “Convert to Curve” was a modifier! That would be the ultimate win for this.