I would just make an assembly level cut. What problems are you having with that?
i am having problems creating text as an assembly feature oriented the way i need it.
a reflection on the user (me), not the software.
my workaround for now:
i created and assembled a blank part, copied the surfaces from the part requiring the text and projected the text onto these surfaces.
works like a charm and easy to modify.
probably not the best solution... but in a pinch!