I've done tons of work on this subject of "large" scrolling text displays that are directly controlled via the sequencing software. The first thing I'd give a lot of thought to is the sequencing software, that choice will make it really hard or super easy. I'd give some serious though to going with pixels over standard channels, not only will it be much easier to setup, have a LOT less wire plus you will get full color.
Here are some links to the downs display, which by my calculations, cost $6,500 using LEDs and the LOR controllers he uses. The same setup with Lynx Express would be right around $5,300:
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