The problem with trying to deform a Text in general, is the topological nightmare that forms the Text.
So a completely different approach would be (Convert to Mesh first) to retopologize every letter by hand, or use the Voxel Remesher with small enough Voxel size:

This is however not ideal when ‘conforming’ a text to an uneven surface. In that case, you’d want a flat Text mesh, Shrinkwrap it to the Surface and then add a Solidify Modifier. I tried using the Quadriflow remesher for that, but couldn’t get anywhere near a desired retopo.