I think you make a valid point. As the cathode driving pin reaches its maximum current sinking of 25mA or thereabouts the voltage on this pin will increase which means less current through each LED.
If this is the case, then the brightness of LEDs in a column will gradually decrease as each additional LED is turned on. It may be not very noticable.
(btw; I think the LED rings can operate in different modes so you can have single dot being displayed if you want.)
two solutions I can think of:
use high output LEDs (say 100’s of mcd) and increase 220R to 1.5k -> (5-2)/1.5k=2mA per LED
put a darlington array such as ULN2003 in front of the column driver. You’d have to invert the DOUT signals to these driver lines in the firmware (not hard to do, I believe).
Another thing to think about is if you connect many LED’s, lets say for worst case 128 LEDs. And every LED is drawing approx. 15mA. Then all LEDs (if ON) draw a total of 1,92A !!. Thats a to high current to draw from the core in a tiny flatcable to the DOUT boards. Also the regulator on the core can’t deliver this current. ???