suicidalacorn:
well, i would much rather use the shift registers because of multiple reasons. i see what you are saying, and that makes perfect sense. but i really want to do it with shift registers. i know it will add more parts and wires, but i am willing to do that if i can use shift registers. thanks for the advice, though.
The TLC5916 is a shift register, it just happens to have current regulation built-in.
Whatever you do, don't use MOSFETs. They switch very slowly unless you add special circuitry (extra transistors) to switch them.
A good transistor for switching LEDs would be a BC337 (or maybe a 2N2222 if you can't get a BC337).