42 RGB 8x8 LED Matrix control (on the cheep-ish)

I've got an idea for a project that involves the 8x8 RGB LED Matrix's. I want to make a sign that spells out a word with the matrixes. To spell out the word GLAM (don't ask, I know it's ridiculous), I'm going to need 40-42 of the matrixes. I've found a place in china that will sell the matrixes in that quantity for around 2.5 usd/matrix. I would like to keep the cost of the project around $300.

The components for this design (http://francisshanahan.com/index.php/2009/how-to-build-a-8x8x3-led-matrix-with-pwm-using-an-arduino/) cost less than a couple bucks. I just wish I didn't have to do all the wiring by hand. Does anyone know of a comparably priced board will acomplish the same thing?

I'm still in the planing phase, but I figure I can control at least a few 8x8 matrixes per arduino (or daivolino) so that I'll probably need 8-10 daivolinos to pull it all off...

I know this is going to be a ton of work, If anyone has any suggestions to simplify it, I'd appreciate it.

Given your budget, you should consider this: Medium 16x32 RGB LED matrix panel - 6mm Pitch : ID 420 : $24.95 : Adafruit Industries, Unique & fun DIY electronics and kits

Or this: 32x32 RGB LED Matrix Panel - 4mm Pitch : ID 607 : $29.95 : Adafruit Industries, Unique & fun DIY electronics and kits

I saw that, the problem is that I want to spell out letters with the lex matrix squares ie:

XX X XX X X
X X X X XX XX
X XX X XXXX X X X
X X X X X X X
XX XXX X X X X

Where each of the X's is an 8x8 LED matrix.

If each 8x8 matrix fires as if it was 1 single LED, you don't need to do nearly as much wiring and you won't need nearly as much processing power. Programming wise, you could think of it as only 40 - 42 LEDs.

You might even be able to make cubes with less LEDs inside and use a semi-transparent plastic to make the whole area glow as one.

Those are both great Ideas, thanks.