I fully appreciate your question, Ravi. But the answer you want isn't there.
Just look at it this way:
You create the master text sketch as a stand alone feature.
You then create the offset feature and -copy- the master text sketch using the loop option of the Project action in sketcher. This is a very simple process... or should be.
- I am not understanding how this is difficult (?) You are on WF5? I am not familiar with its limitations in sketcher.
And also know that you will loose associativity easily if you make significant changes to the original text sketch. Small moves may be preserved but large moves or changes will loose the Project associativity. Knowing this, you want to make sure there is not significant action on the embossing feature you created or know that it won't change significantly (check your spelling! Image may be NSFW.
Clik here to view.).
I believe it should be easier and more reliable than this. But for now, this is certainly better than it has ever been in the past. Optionally, we can use also use decals through the Appearance Manager.