I’d do it with a widget (think of road signs as of UI for the driver!) because of the incredible flexibility and ease of use when compared to doing it purely in material. Just doing text in material is somewhat nightmarish…
Would a setup like this work for what’s ahead of you:
You plop down an actor and choose what it displays from the panel on the right?
The bast part is that is that once you have a widget, you still get to choose whether you want it as a plain widget component (as above) or something more complex since you can pull it through a Retainer Box and use it as actual texture elsewhere.