LED matrix question

So my plan is to make an RGB LED matrix, I'm thinking 5x5. I want to do basic color fading, scrolling different color patterns across slowly. Later I want to add motion or sound sensors so when people talk into it the matrix will respond in some way, but nothing fast.

The matrix will go up on my wall, probably about 24 inches x 24 inches, so I plan on wire wrapping all the leads.

My question is: what's the best approach here in terms of hardware? If possible I would like to daisy chain some TLC594x chips and just do updates every so many milliseconds, but am not sure if that's such a good idea. I don't know if using shift registers is a better idea. I also don't know which 594x chip would be best, I'm a software guy but have some experience in hardware so whatever is suggested I'll be learning as I go.

Thanks guys for the help

Johnny

The recent introduction of the Ws2812b addressable LED is a game changer and I would use this for your project. Either as a pre built strip you cut up to make a matrix or individual LEDs. They are also sold under the name neopixels by Adafruit.