Here are a few videos of the current state of this project.

First light with just the pixel oscillator. The LEDs are mostly white, but look blue in this video due to white balance and the blue backing tape of the strip.

In the second video I added one color oscillator, and got very lucky with knob twiddling resulting in an effect close to what I hoped for. 

Unfortunately, getting something else than frantic flashing is quite finicky. Below a few minutes of me trying unsuccessfully to reproduce the above effect. The annoying sound is a speaker hooked up to the output of the pixel oscillator.

I will have to explore different approaches for generating the bit stream.