I want to power 1-2 16x16 RGB LED panels and control them using a 3.3v Adafruit Feather.
I want to use a 5v / 5amp wall plug.
In early experiments on a homemade PCB, I connected the V+ from the 5V supply into the 3V and V- into the GND pin of the Feather. It worked fine, surprisingly.
This is surprising for me too. Apparently you are very lucky. Never do this again, as it almost always burns out the 3v board.
You need to use a 5v - 3v3 voltage regulator between your power supply and the 3v pin on the board.
Or, if the board has a VIN input, you can connect 5V there
You can use any low-dropout voltage regulator with 3v3 output voltage. As far I see, the lm1086 also suitable.
The power separate rule applies to inductive loads such as motors, solenoids, and relays. Or for loads that may interfere with the power line.
LED matrices are not one of these.