I actually have made something similar based on the koala steamed project you speak of. I never scaled it up, but I did make a working prototype. It uses a fading comparator clock(light blue) and a test for equal circuit(lime) to keep track of where the data is in the loop(magenta). it uses 2 tick pulses in the loop so it uses 32 comparators to hold 16 values. i think it would be better to have multiple of these running in parallel instead of one big long line due to scan time.
![[Image: hex%20mem_zpskykzb43z.gif]](http://img.photobucket.com/albums/v191/legofreak1988/minecraft/hex%20mem_zpskykzb43z.gif)