There is a great thread in cnc zone with some programmers discussing this...

http://www.cnczone.com/forums/showthread.php?t=99356

On block text, it is very easy... With something like "Times New Roman", it can becaome a very complicated issue to work out..In this thread he has created a custom program to do the times new roman cut..."Manual labor"..

Your best bet is to get out your drawing tool and draw it using the supplied tnr font as a guide.

Here's a quote from his tip on drawing the times New roman font centerline...

""""""""An analysis of the outline of the Times Roman upper case I, chosen for simplicity, leads rapidly to a general method of finding the centre line tool path.
This was done by placing a series of circles inside the outline, each with its own centre marked, so that the circles just kissed two sides.
See fig 1.
A line was drawn to join up all the centre spots, and inspection of this path suggested that two arcs would make a close approximation, with a short straight line at the end.
""""""""""""""""