I appreciate both of your responses. I mis-typed my number of LED's (not sure what I was thinking) and it's only 40 total (8 banks of 5). To some of your points:
Assuming it's one bank at a time, a standard Arduino (using ATMega328) would be fine.
Yes, one bank at a time. I would love to wire all the LED's to light individually, but I'm going to wire in a 75 foot straight line, and I think the sheer amount of wire would be cost-prohibitive.
You'll also need to use some kind of LED driving circuitry since 100 plus LEDs can easily consume 1A or more current and the on-board power supply will not be able to handle that load.
If only one bank is on at a time (8 total LED's), is power an issue?
My bigger question about power is with the distance of the last bank from the power source. If the last LED is 75 feet away, is that too long and will the power drop?
Thank you again, I appreciate it!
-Ryan