Hi again, double-p. Good to see you.
A user named Nesh108 once worked on this stuff⦠until he went insane. 
Somewhere in there, https://www.babylonjs-playground.com/#9GPMUY#14
His extruded sword is in a playground, too, but I couldnāt find it.
Hereās another he was working-on: https://www.babylonjs-playground.com/#9GPMUY#16
As you can see, it always needs data:image/png;base64 data⦠which is unfortunate.
The capped bird is still laying around: https://www.babylonjs-playground.com/#1ZAXRO#6
@JohnK has done work in this area, too, so Iāll invite him to comment.
@nasimiasl might know how to extrude the non-transparent parts of a texture, too (heās a shader God).
I think the BJS Decal system has an ear-cutter-from-hell built-into it, too. SOMETHING very complicated is happening in decals. When I saw it, I just got scared and ran away. 
SOME folks have done weird things with applyDisplacementMap and applyDisplacementMapFromBuffer, too⦠might be worthy of a playground search for those terms.
https://www.babylonjs-playground.com/#1CCIP1#6
https://www.babylonjs-playground.com/#1VGWP9#4
Ok, thatās all I have. Stay tuned for more comments, and perhaps look for a 3rd-party texture-to-mesh utility/website, too. Lots of people have wished-for⦠what you wish-for⦠including me (Iām wanting slightly-thickened hockey players). 
Actually, in The Red Green Show intro (timecode 1:05-1:15)⦠see those silhouettes? LOVE 'EM! Essentially, transparent gifs/pngs on a plane, but with SOME thickness to them. Yum. But it sent Nesh108 to the mental asylum, so be careful. 
Perhaps the BEST way⦠is to create the text in a modeller such as Blender and extrude it in there⦠then export as a mesh. Hereās a 3dsMax 2013 version⦠https://www.babylonjs-playground.com/#31M2AP#76 (steal at will)