Never done it before? No problems at all. Keep it simple to start with, but as with everything else, there are many different ways to do things.
Recommendations?
No 1 - Start with a bit of a read..... this book is by a well-respected carver and is not expensive. Best book there is on lettering, in my opinion.
https://www.amazon.co.uk/Lettercarving-Wood-Practical-Chris-Pye/dp/1861080433If you locate Ashley Iles web site, they have a loadable PDF catalogue with the 'Sheffield List' of carving gouge sweeps, which will let you see the scale and width of each gouge. I should point out that the 'continental' number sweeps you get with European makers will differ from the Sheffield list.
For practice, you can use the fonts on your computer to start. This will save a lot of layout time. Print what you want, glue it loosely to a piece of wood, then carve through it. The best fonts are those with 'Serifs' which were originally designed for carved lettering in stone.
No: 2 - Avoid 'sets' of tools. Build them up as you go along, one at a time and bone up on basic sharpening of gouges - so you will need to invest in a few slip stones and a basic flat sharpening stone or two. For most letter carving, you will need a straight chisel and a couple of gouges. The sizes and sweeps will depend on the intended size of your lettering. A standard carver's straight chisel (technically, a No 1 on the Sheffield system) has an equal bevel each side.... but for most lettering it's possible to use a standard bevel edge chisel for the straight elements of letters - 'A' 'E', 'F', etc. with a bit of adaptation.
No: 3 - It may appear to be the obviousl tool for lettering, but a Vee-tool, in my opinion, is the last thing you'll use. (Read Chris Pye;s book). You will need a straight chisel to strike the root (the vertical central part of an upright on a letter, 'A' 'E', 'F') and to carve down each side. Sweep gouges to do the curved elements. 'C', 'P', etc, which can be a bit more difficult to do.
Then.... practice.
If you were close to this bit of Wales, I could take you through the rudiments in a few hours - then you'd spend the next few years building up the skills!
Good luck......... Different carvers use different methods - more opinions along soon I've no doubt!