Do you want just "Psalm 34:4" on it or the entire scripture? The entire Psalm would be a lot of lettering!
I assume you would want the shorter version and it could just be cut out of the coaster and left with open letters but, you also could do some inlay.
I would print it out on the computer....Psalm
34:4 and apply it to the coaster and cut it out.
If you scroll down to "Tips, Tricks and Tutorials" there are some posts on cutting out letters and some on doing inlay that might help you out a bit.
For example.