Many people have built LED lighting projects using Artnet protocol, with Teensy 3.1, the OctoWS2811 board, the
Wiz820+SD adaptor, and a WIZ820io module. That's a tall stack-up of 4 boards, but it works pretty well.
The main compelling reason to go down that 4-board-stackup path is existing (usually proprietary) LED lighting software than speaks Arnet protocol over ethernet. The WIZ820 has moderate performance. I've heard people talk of controlling 4+ DMX universes, which is pretty good for low cost Arnet. If your project revolves around such lighting software (by far the most expensive part) this is a pretty attractive way to go.
But WIZ820 communication falls far short of OctoWS2811's raw capability using only the far more efficient USB port. A single Teensy can control about 4000 LEDs that way, easily achieving video rate refresh across all LEDs.
If you're writing your own software, or using hackable open source software, a tiered network where Raspberry Pi receives ethernet communication and feeds data to several Teensy can drive an incredible number of LEDs at very low cost.
However, as a practical matter, Teensy and Raspberry Pi are the least expensive part of such large LED projects. The LEDs and power supplies cost far more. Often costs for mundane things, like construction materials, connectors, and protective covers or packaging for transport between locations end up costing far more than the electronics. Sometimes focusing solely on the electronics cost ends up being penny-wise but pound foolish. A design that optimizes for easy servicing of all parts in a modular manner ends up saving money in the end, not to mention tremendous frustration.