Make two separate parts in CAD. You can join them as separate shapes in a Parts Workbench compound or using the Mesh Workbench tools. Then upload the meshed file into the slicer. Empirically tune the gaps to suit your printer.
Just be absolutely sure that the two parts do not overlap in some intersection. The slicer will absolutely try to print twice in the same place.
Personally, I like to use manual inserts or layer changes. Print your text separately in one color. Recess the text in negative for a few layers. Then add a print pause where you drop the lettering into the designed voids and continue the print, letting the voids and bridging bond the inserted letters.
I was messing with a similar issue with my laptop GPU cover design from a few weeks ago. I wanted the layers to separate between the patterns and how the slicer was pathing . I did a bunch of tests and still need to print a final version but uploading the first layer as multiple compounded meshes is the solution.
If you design the 0,0 location of the parts so that they import into PS already aligned but as separate meshes, you can also use the elephants foot or other unique settings to manipulate how each section prints.