Thanks for the reply Mike. The data would only be one way since the way this is currently set up, the arduino does not send back a confirmation to the processing sketch doing the FFT to indicate the completion of the display of a frame.
I did some initial test to try to send data from the HC 05 to the PC over the weekend but that did not work. I will probably need more time to set it up properly.
I am using Max7219 based modules, but the problem in its current shape and form was that when sending data at >38400 baud with no acknowledgement/delay between transmissions, the arduino just hangs after a while. This happens specifically when the values from the FFT are large (substantial number of values >8). If i limit the values being sent by processing to 0 - 8 things work just fine even without a delay. If the arduino is taking too long to load the values to the 7219 and the new data set arrives before that, I suppose at some point the sketch on the arduino would lock up.
I currently have a delay of 40 milliseconds before transmissions on the processing and that seems to work well. If i increase the delay the display looks "out of sync" with the music, hence the thought of multiple arduinos.
Thanks for all the guidance.