CyBear, Lars Scholten posts a look at how you can create an LED Board using the MoGraph module in C4D and the shader effector. CyBear mentions that this is loosely based on a presentation he did at the 2012 IBC. The LED Board will have visible lights and the tutorial covers the animation possibilities using layer shader’s sub channels.
There are a couple of repeated tutorials that deal with similar concepts. One time, Orestes Konstantinidis showed how you can stick a texture across cloners C4D, which is a similar concept to creating an LED Board. Check out the post for Affixing Textures or Shaders Across MoGraph Cloners Procedurally Using Xpresso in Cinema 4D.
Mt. Mograph also did an LED Board like effect showing how you can morph between type in Cinema 4D with cloners and the inheritance effector to create an easy LED look. Visit the post Create a Particle Morph Between Pixelated LED Type in Cinema 4D for that tutorial.