As you mentioned, geometry text was not used due to the known limitations. Instead, the text is essentially "faked" into position. That's also why I specified a limit of four characters in the input field.
To create the text placement, I first offset a surface from the tube at the desired text height. The text location itself is driven by a work plane patterned along a 3D path. From there, I created an axis, work plane, and work point to define the placement of the first character. That work plane was then patterned again to generate the remaining character locations, resulting in four total character positions.
A separate sketch was created on each work plane, with the text center-justified and constrained to the projected work point. Each character is therefore controlled independently within its own sketch.
For the solid geometry, each character is extruded bi-directionally as a separate solid body. Initially, I attempted to create all characters as a single solid, but the Split command consistently generated errors. Creating each character as an individual solid resolved the issue and allowed the Split operation to complete successfully. Once all operations were finished, the bodies were combined back into a single solid.
The text itself is driven by parameters. There is one user parameter for the complete input string and separate user parameters for each individual character. An iLogic rule parses the input string, extracts each character, and assigns it to the corresponding parameter used by the sketch text.
Character spacing is controlled by the distance of the secondary work plane pattern, while the overall location of the text along the tube is controlled by the initial work plane pattern that follows the 3D path. This provides independent control over both the text position and the spacing between characters.
All of this could more than likely be controlled via code, but this was just a simple proof of concept. I have since made it to where I can also control the text height as well.
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