Jigar Patel,
Welcome to EP!
Graphics is certainly not my strong suit, but I have a grasp on some of the basics....First question involves the uC.....does it have other tasks, or is it dedicated solely to the display? Next, is this display a "per-fabricated Display"....if so, link to a data-sheet....what type of interface does it have?.... or are these "regular" 10mA to 30mA LEDs that can be driven from a logic level output, or are they "high power" LEDs that will require a power switch or driver? Are you attempting to display a relatively static pattern, or are you looking to have a dynamic display (ie video)? There are numerous "Display Driver" modules available that provide a UI via serial, parallel, I2C, TWI etc comm...is there a reason you would not use one of them?
So, I guess I need a bit more information before I can even begin to be of any help.....but wrt "refresh rates", typically "more faster is more better".....if the uC doesn't have any other tasks and has plenty of free resources I would think using 2 * 8-bit ports for the "row selection" and then some number of your 74HC595's for "Column selection" might be one approach....but there are lots and lots of approaches depending on what you are trying to achieve....And for less than $20 there are all kinds of displays available from EBAY-China with easy to use User Interfaces.....
Fish