That is a really big panel for a shingle type
sign and really big for a double sided, routed
sign from only a single piece of 1 1/2" thick HDU. If you rout even 3/8" deep on each side which isn't unheard for a
sign that size, you'll have less than an inch of thickness at your thinnest points. For something hanging over pedestrian's heads, I'd be uncomfortable knowing that a really strong wind could twist that big of a
sign into shattering.
In our area, our codes call for all hanging
signs to be through bolted or encased in some kind of framing system that can be through bolted.
We typically laminate two pieces of foam onto an MDO core or tubular aluminum frame and then devise some kind of clip or fastener that goes through the entire works but won't crush the HDU.