Unless you are an expert wood joiner and have advanced tools and skills in gluing up boards for exterior use, save yourself a lifetime of trouble or redos and switch to HDU-High Density Urethane for your primary substrate. I can only see using actual wood for a routed sign if the client is seeking a natural finish that reveals the color of the wood itself. You may as well sandblast a wood panel for the same effect.
The drop off in stability and paint adhesion and retention in wood is so huge compared to HDU, its not worth building a dimensional signage business around.
Why rout a texture into wood that will be susceptible to splitting, raising of the grain, checking, etc., when you can achieve the same texture in foam with more production speed, less wear and tear on your CNC and VERY expensive bits? No two wood boards are the same or level and you will have to surface every panel flat in addition to routing your textures. HDU sheets come dead flat and ready to be textured with no advance surfacing or joining required unless you go over 4'x8' in size.
Plus, you can use acrylic/latex primers and paints on the HDU with far superior results and longevity.
Most "latex" paints have additives meant to improve scrubbability and will repel vinyl letters like oil on water.
For sandblasted wood signs, use transparent or solid color stains. Wood needs to breathe and has a high rate of expansion and contraction. The harder and less resilient finish you apply to wood, the greater the risk of failure.