It’s not exactly a widget, but Simple Text – Icon Creator is an application that lets you create cool text-based icons to replace your stock icons. There are a few ways to change icons: you can use a custom launcher, or you can use an icon changer such as Icon Changer. You can choose font, text size, x and y coordinates, background, orientation, and add gradients and shadows. You can create icons from scratch, or you can use one of the app’s templates. The app does have a widget feature, which lets you add single 1x1 widgets (basically, icons) to your home screen and choose a custom tap action.
Simple Text – Icon Creator (Free)