OK, cutting air showed me I needed to do some additional adjustments to the software (invert the Z and Y axes), then I grabbed some scrap plywood and mounted it. The piece I cut on top has wood screws holding it from underneath.
I converted an image file to a rasterized cut, so the bottoms of the cuts aren't as clean as they would be using real CAD/CAM to guide the router to cut the shapes of the letters and all. Basically I just grabbed what was at hand to do a quick and dirty job here.
The depth of cut is 1/8", the material is some old, somewhat dry birch plywood recovered from a failed project. The bit is 1/2" 90 degree.
Edit:
Here's the results of my second go. A bit more complex pattern. I spent way too much time trying to tweak the gcode before the run, so that's all I've got to show for the day. It's also time to get a finer bit.