No, it will give you a semi-circular groove for the letter stroke, unless you go deeper than half the diameter of the tool.
For engraving to look crisp, it needs to have sharp corners. The different suggested chamfer mills and spot drills may do that, but because they come to a sharp point, that point will wear quickly and become rounded, leaving a radius at the bottom of the V groove. Obviously less of a problem in aluminium than in hardened steel.
The traditional tool for engraving is a single lip cutter with rather steep sides and a flat tip. This makes a groove that looks square, with a flat floor. Here is a link to the tool:
Series 37- | .5" Tip Solid Carbide One Flute Straight Engraving Bit w / 6 Degree Angle (Item 37-1) | Item Detail | LMT Onsrud
The "degree angle" is the included angle; each side is half that. The "tip" diameter is the width of the flat it puts at the bottom of the groove. I've run these in S-7 and A-2 steel hardened to Rc 56-59, with good luck, anthough they certainly last longer in softer material.
Dennis