Is there a way to make this in Tyflow? (Words arranged in correct position)

[tyFlow]

Instead of moving them apart with a PhysX operator, use a Fuse operator in Convex mode to remove overlapping elements and from there just spawn enough particles to fill the space.

Getting a perimeter which perfectly aligns with the outline of the letter is going to be trickier, but this should give you a good starting point at least.