I was the one who mentioned using a fet switch to possibly remove the tlc5940 from the circuit. The problem is multiple supply voltages Vcc, Vprgm, Iref, and Vo or led supply voltage. I have used fet's to disconnect, and port pins to supply, external circuitry like comparators, voltage dividers, and voltage references with success. The tlc5940 is quite a bit more complicated.
Microchip has a power management Tip's and Tricks on using a port pin to supply an external eeprom. So, using this type of methodology is valid and worthwhile to obtain a low power mode.
Too bad this wasn't continued in the previous thread, so the background on how big the led matrix was, and other factors would be up for consideration. If I remember correctly it was an 8x16 green/red array? Using 32 soft pwm's would work in a x8 multiplex row arrangement. It just takes extra work on the processor to interrupt and decrement the duty cycle info from the buffers values. There was a post here on Electro-Tech not too awful long ago where a large number of soft PWM's were implemented.