Hmm so a video wall. Yes, the AE should be well feasible.
To each LED points to simulate, I would video output either through a grid filter run or a hole on the mask set output video. Another mask or equal to the hole mask can simulate the panel borders.
To the typical LED colors to simulate, I would try to 8-bit color or runterzurechnen with the saturation value to play. On the bright colors you could put a light color. And you could be a Fraktalmaske for color or brightness fluctuations to bind, because not all equally bright LEDs.
To Trägkeit to simulate the wall, you could s.der framerate still something to play.