(24 bits/(RGB LED) * 32 RGB LEDs/meter * 5 meters)/frame * 30 FPS = 115,200 bps.
You have 32 RGB LEDs per meter? ~1/inch, okay, guess that makes sense.
Gonna need one big power supply too.
Can you increase the interface speed? The IDE will do 250,000. Not sure how efficient your code is to parse the data across the streams.
Sounds like 16 MHz 8-bit processor might bea tad underpowered.