is rainbowduino right for me?

Hello there,
I am looking into using rainbowduino v3 for a project i am working on. basically i am building my own LED matrix scrolling text screen. i have some experience with prototyping boards and simple electronics but i wouldn’t say i am an expert in this craft, nor have enough knowledge on the theory of it all, so hardware-wise i am looking for a simple tool that will help me create this vision without too much hassle. i will probably have to solder a considerable amount of LEDs and wires but as long as it’s a simple dumb task i can manage.
so rainbowduino looks perfect for my needs- simple and modular. for this project i will need control on a large number of LEDs (simple, non-RGB) so i will want to use the 192 configuration. also, the scale of it all would be pretty big so the brightness of the lights is something i would want to test. i was just wondering how much power can pass through the board, what led bulbs can the board handle? they don’t seem to have problems with 5mm bulbs but is it possible to amp up and use brighter bulbs? essentially i want to know what is the maximum power can i get from it and how much light does that give me to play with? and what are the options for a upgrading the hardware setup.