In Corel, I have a spot color that is named CutContour. I generally have the text outline and then convert the outline to the object. I don't know anything about how Illustrator works, but maybe it has a similar function. You can then add an additional outline, which would be the cut contour. Maybe there is a forum for Illustrator users that you could check out. The other forum that I use is
Signs 101 Home - Signs 101 and someone there may have an answer for you.