Bill,
I have used the Hot Stamp material (available from LaserBits), you laser away everything except what you want to imprint, just like a rubber stamp. This is a "rubber/silicon" type of material and takes a lot of power and several passes to engrave deep enough to make the die. You will find that you will not get as "crisp and clear" of results as with metal type or dies. It works better for larger areas than for fine detail work.
After you laser the die, you then need to cut the die out, keeping in mind that it is attached to a 1/4" aluminum plate - a band saw works best - a jig or saber saw will not be as easy to use .
You really have to measure the height correctly if you want to use this in conjunction with type, so they each exactly match the same height.
I wouldn't use this material in place of typesetting, just as a "option" for some logos. If you have the time, it is better to send out and have a die made.
hth,
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