I know you did not want to use bump maps but here is something I tossed together really quickly using a bump map and it does not look to bad and would be far lighter then trying to model the numbers in. I did this is like ten minutes so it's not set up like your lock but more like a briefcase tumbler. I also just grabbed times new roman font so it does not match your reference.
This holds up very well even at the shallow angle of the on 3 1 6 on the top row.
If you add a normal map to this using the low poly mesh you can do this in around 52 polygons per tumbler.
Displacement mapping would be the next easiest and it would create physical geometry. However, Maya's software displacement is kinda hinky. Mental ray's displacement node is better quality but then you are locked into mental ray as your render engine.
NextDesign's suggestion would be the best for actually modeling the numbers. You can just make convex numbers and then cut the result in half and reverse the normals to get the inset number. It is just getting the bevel around the outer edge will be hard and then trying to unify them will also be tricky. I would try to make a long strip and then use a bend deformer to create the ring.
"If I have seen further it is by standing on the shoulders of giants." Sir Isaac Newton, 1675
Last edited by ctbram; 28-09-2011 at 12:28 AM.