If you use TexFace, no. But if you want to use UV mapping and make the text overlay, no problem. Add a new texture, and in the map input tab select “UV”. You don’t need to change any “map to” settings, so just load the text and you’re done (assuming your text already has an alpha channel).
But if you’d rather not unwrap it, you can use stencils. Add an empty, and point it at the spot you want to apply the texture on the pen so that the z axis of the empty points away from it (opposite the direction the texture will end up). Then you can position it more freely. In the image settings, select “clip cube” and the rest is positioning and scaling the empty. If the pen moves, parent the empty to the pen with Ctrl-P.