what the:
I have done a number of signs over the years using the Dryvit system (or a similar system). It is a synthetic stucco applied to foam insulation board. In every case I hired pros to do the actual work. I have worked as a helper on some of the jobs, mainly to learn how it was done. Even so, I would not attempt it on my own.
Often they installed 3/4 plywood as the substrate, then attached the 1-inch foam board with both fasteners and adhesive. Then a base coat of stucco was applied by trowel, a little rectangular trowel, not the pointy ones the brick guys use. A "brown coat" was what they called the base coat, I think. A fiberglass mesh was pressed into this coat as it was applied. After it was dry, a colored finish coat was applied.
Even though this synthetic stucco is not as heavy as real masonry stucco, it still has weight. I doubt that an ACM panel would be suitable behind it, as ThatGuy said above. Not only would ACM not support the weight, but it would probably flex too much, not to mention the possible adhesion issue.
If I were going to do a job like this with Dryvit, or a similar brand of synthetic stucco, I would show the sign to a stucco guy and ask what should be done. It can look absolutely awesome, but prepare for it to be expensive.
Textured paint would be far less expensive and easier to refinish later. I also like the idea Billct2 suggested: HardiePanels. Many contractors in our area use "Hardie boards" to cover over old store fascias. We have installed many channel letters onto HardiePanels.
Also, we just bid on a job using a textured panel made from HDU. It looks like brick. I've not used it before and am very curious to see how it turns out if we get the job. I think it is available in different looks, such as stucco, wood, etc.
Brad in Kansas City