I tried making the text go around the logo - It failed 'cause the resolution is totally crap. So straight text it is.
Do you want the text above or below the logo? It'll be placed ontop of the black backing to make it show the right way on both sides.
EDIT: Oh yeah, bear in mind that it'll probably be more or less the same size as the building itself. I'm in the process of finding out how much wool I'll need to build this damned thing in survival - Fortunately I have some left over from when RF was first being constructed and I kept finding sheep spawning and de-spawning everywhere 8 months ago.