Cyclone II max current

Read the 'DC Guidelines' in on page 10-32 of the cyclone ii device handbook (http://www.altera.co.uk/literature/hb/cyc2/cyc2_cii51010.pdf). This discusses the maximum current per group of pins, depending in the side of the device they reside on.

However, I recommend you steer clear of running the FPGA continuously at these currents. Whilst, on paper, the Cyclone II device may be up to what you're considering (I've not done the numbers for your requirements), they're not really intended to drive large banks of LEDs.

The LED driver route, as suggested by cronus10, is the way to solve this. Or, if you really don't like the idea controlling such a multi-channel LED driver, you could use a suitable constant current source, such as Infineon's bcr401r (http://www.infineon.com/dgdl/bcr401r.pdf?folderid=db3a30431400ef68011407a9cfc70181&fileid=db3a30431400ef68011407ab7ea10185). This will be simpler for the FPGA but vastly more complex for your additional PCB as you will need one of these LED drivers per LED.

Use the FPGA for what it's good at - as the brains of your solution - not for driving the LEDs themselves.

Cheers,

Alex