You would probably still get the distortions that you are concerned about, if you use a warp.
You could also try a mesh, but that might also have the distortions.
With either of these methods you wouldn't need to convert to outlines.
Sometimes you just have actually illustrate stuff. In Illustrator you can control positioning down to 0.001 pt, which is quite accurate I think.
Depending on your needs, you might also need to add Bezier curves to the bottom points of the text.
The attached file shows results from a couple of different methods.
I think that doing it by hand has the best potential. archv10.ai.zip
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