I'd like to apply a text transformation similar to what the Inkscape extension 'Modify Path -> Envelope' does within LaTeX:
In-source documentation of the envelope extension:
This extension implements Bezier enveloping. It takes an arbitrary path (the "letter") and a 4-sided path (the "envelope") as input. The envelope must be 4 segments long. Unless the letter is to be rotated or flipped, the envelope should begin at the upper left corner and be drawn clockwise.
Presumably this can only be done with one of the more advanced drawing packages: