Driving RGB LEDs for 16x16

Hello all! New member looking for some LED driving tips.
I am currently building a 16x16 RGB LED Matrix. Pretty revolutionary, huh?

I have a decent grasp on the schematic and the control circuitry. I am using Piranha RGB Common-Anode LEDs (30mA If), wired to act as (4) 8x8 RGB Matrices (2x2). For control, I am using 74HC595 Shift Registers, 4 for the rows and 12 for the rgb columns. The SR's would be daisy chained together with serial data/clock from an Arduino Mega2560.

My question involves driving the LEDs. Since I am not at all expecting my IC's or the Arduino to sink enough current to drive the LEDs, am I able to use an NPN like the 2N5306 per row pin? Would I have to use a separate power supply? I know there are several ways to go about this, but I've already decided for programming purposes to use the 74HC595s, I am just concerned about current and brightness. I could be swayed if there is the perfect IC out there without having to start the programming from scratch.

Thank you in advance for your thoughts. Let me know if I can clarify anything.

--Ryan

 

Thanks Steve, that's helpful to know. I am steadily being moved away from the '595s, though I could still use them with beefy PNPs. It seems like a 16-bit serial-shifting LED driver is out there, the MBI5026. Finding it is the hard part...