Well, this circuit didn't go quite as planned. The simulation really bogs down, but if you're VERY patient, you can watch it cycle through the full color wheel.
8 RGB LEDs are each controlled by 9 bits (3 bits per color channel). These bits are stored in the counters/registers.
The DACs create an analog voltage from the bits, which the VCCSs use to drive the LEDs.
Maybe someone will find this interesting! Good luck.