The LEDs which compose each individual letter, must have current limiting resistors, which are not shown in the schematic.
Otherwise, your proposed schematic for a FIXED DISPLAY is good.
But.... a FULLY SCROLLING DISPLAY without a microcontroller is simply not feasible.
Consider this.... to display a character you require a 5X7 LED array.
You need to display 8 characters. That gives you a 40X7 LED array, plus at least an empty column between characters, so one ends up with a 48X7 array, which must individually be addressed....