Interesting...

I have no software that allows for editable shapes so I came up with a "workaround" to achieve a circular text effect.

I made a texture with the circular text. I used this texture on the round button in X3D 6, note that the background color must be the same as the texture's.

I used all white lighting and had to position the lights in such a manner that made the button texture color match.

It does work, although rather limited.

Click image for larger version. 

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