Dear Mr Rudra,
Same kind of design i am already did(64 col) but some small differences there.
1) i used only single BEL 188 transistor for source drive.
2) after 74hc164 i am using ULN2803.
As far as my concern a small correction is there to your design, you are using 27 ohms resistors at collectors 549 transistors, instead of that use resistors (current limit) at source drive. That will be better i think.
and i did programing in C (Keil's C51), and i can able to store 1300 char. message inside 2051 itself
and may not need I2c (24c16).


PADMANABHAM