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Arduino LED matrix for text and a audio spectrum?

Still running off my daft punk helmets, I had the idea of installing the ability to give the 8x40 LED matrix that will be installed into one of them the ability to be a real-time audio spectrum. Doing that on its own is something I can stumble through and get working, but my issue came in with the fact I also want to be able to change it to be able to display text.

I'm thinking I can "change modes" between using some sort of EQ shield/setup to run the matrix verses pulling info for text, but this is one of the dark areas for me that I need a little bit of help on. Basically: I need to know if I could set up a switch to swap between EQ and text. 

EDIT: I've already answered my question! However, this lead to a second question. If I use this code, how hard would it be to edit it to either duplicate or stretch it out over an 8x40 LED matrix verses the 8x8 its on?

Thanks!