Wonder how much easier a project like this would be to make using SPI controllable LEDs such as these from bliptronics.
http://www.bliptronics.com/item.aspx?ItemID=114
60 of theses would come in at 70-80UKP for the LEDs but require no additional circuitry - just 4 wires. I've got a bunch of the 20mm ones and they are very nice (christmas lights project which will ultimately become mood lighting for above the bedroom wardrobes).
I'm seriously considering having a go - perhaps a thick MDF backplate routed out with space for enough gap for mounting the LEDs and the "lenses" and a nice black acrylic face plate.
If only I didn't have a job and wife to maintain - I'd be in the garage right now 