It's possible. Using Arduinos, even. But, especially with the full brightness (no matrix strobing) requirement, not exactly cheap.
My startup business makes RGB LED modules, and we recently worked with a customer in Japan who was installing about 3200 of them in a nightclub ceiling. They built up 9x9 panels of MegaBrites (with custom right-angle headers), and used an Arduino as a DMX receiver to control each panel. The DMX channels were controlled by Madrix software, which is designed to apply cool effects to DMX pixel arrays in response to audio.
So it's possible, you just need to have the right budget, software, and about 40 Arduinos.
Here's a prototype panel, remember it just uses 81 RGB modules out of the full 3200:
The guy who built this might even be interested in helping you out, I could ask.