I think you would need to drop some details.
- the smoke will be very difficult to render nicely.
- the skulls have lots of details, as does the inner emblem.
The rest is easy (letters, leaf would be done with V-carving)
You could consider carving the “large” / less detailed parts, and lasering all small details (laser modules can be added to Shapeokos)
EDIT: here’s a typical example of using a laser to engrave a surface
If you are willing to consider acrylic or metal as the material for this, I think a diamond drag bit would do wonders to engrave that pic, while retaining lots of details.
EDIT: here’s an example done on a shapeoko.