I'm actually working on this right now using LPD8806 strips (which are different then the ones he used).
If you guys go we the parts and start working on this, send me a PM and I would love to collaborate on ideas, code, etc. (this should get moved as suggested).
Parts Ive got so far:
1 5M LPD8806 strip (1 on route, and 2 more on order)
3 Teensy (1 Teensy 2, 2 Teensy 2++)
5V regulator and 1N4001 diode (to be used for battery pack)
Currently using a standard 5V 1A plug for power, and it does 1 5M strip just fine (only dims when all pixels are on)
Since Ive only got one strip, I'm putting together some prototype shorts for a football game shortly and will upgrade to pants/top as parts come in.