Warping objects in the shape of a pennant/triangle

Hi there,

I am trying to add some text into a elongated triangle/pennant shape. 

i have tried using the Envelope Distort option which kind of works, but doesn't look perfect. I am trying to use the Bulge option like this:

This looks ok, but the "L" in the text/last letter becomes very long/squashed. I guess this will have to happen in order for it to fit the shape. However, I wondered if there are any other ways of creating text/objects in a shape?

Any advice or suggestions would be great, thanks!