I Just built  the beginnings of what is a 4 channel sequencer display module. The display is driven by 4x16 pixel RGBA bitmaps that drive the indicator lights to match the 4 drum channels:

Bass Drum
Hihat Closed
hihat Open
Snare Drum

I created a grid mesh and applied the UVs in such a way that they turn on and off  when you scroll a texture across them. It's a bit hard to explain, but the trick is in how you apply the UVs to the polygons. Here is the material shader:

It's really simple! The blinking lights you see below is from panning the texture along the U coordinate.

Here is how it looks:
 

And here is the panel in a scene with audio and the beat clock all in sync:

There are some issues with synchronization that need to be addressed which I am currently looking into.