Does anyone know how to create text with Gimp that looks like the image?
There are very few single stroked fonts (engraving font, similar to your example). Most all other fonts are outline fonts. So, to make this into a script or plug-in that creates text with single strokes would be very limited to, at most, 5+ free engraving fonts.
Ofnuts created a python script that enables users to unclose the engraving fonts to make them single stroke. You would then be able to use a brush of a rhinestone image and stroke the path to get a likeness of the image you have in your example. Otherwise, you'd have to manually create the effect on your own.
See about the python script here:
Effect created using ofnut's python script and rhinestone brush:
A very little known feature in Inkscape is the ability to create your own SVG fonts with the program.
You then just need to convert them from SVG to TTF.
It's under the text menu.
A lot of nice decorative fonts are created this way.
Tutorial on using the font editor in Inkscape along with a down loadable template.
This is a tutorial for 0.47 but will work for 48.
Inkscape can be downloaded here for free - http://inkscape.org/