Help with ideas for light system

[adamBB2]

Hey guys, I am new to this forum but I am after some help!

I am after making a visual display showing a timer counting down with a few other extra lights.

The board should have 3 digits (so max is 999 seconds)
and 8 other lights on the side.
Here is a simple visual example of what I mean.
http://i.imgur.com/NGJTMy7.png
As seen in this image we have 3 digits and 8 additions lights.
My requirement is to be able to independently control the 8 lights and be able to output numbers at will on the digit display

Now where I need help is ideas how to approach this task.
My programming levels are fine just really new to the electronic side of things.

So far my ideas (which are incomplete)
Get a micro computer like a raspberry pi
with a 'raspberry pi' I have 8 GPIOs (these GPIO will obviously not have enough current to power up the display, but this can be a controller for the lights?
If I decide to go down this road, I will need the ability to control the state of 29 components independently (3 x 7 segment display + 8 lights)
I have no clue how to control 29 components using 8 GPIOs (you could argue I have 2^8 combinations though?)

So please do help me with more sound ideas about my approach or perhaps a different solution? any help will greatly help. like I said before, programming is no issue for me, is the electronic set up which I struggle on

Thanks!

[Franklin97355]

A couple of questions. How do you want to control the display and does this need to be remote.

[adamBB2]

A couple of questions. How do you want to control the display and does this need to be remote.

I wish to control this system using a computer of some kind, regardless what the physical connection is. (USD/ SERIAL / those 8 GPIOs etc...)
No need to be remote.

At this current stage the thing I am most confused or worried about is how to be able to interface and control the light system with a computer of some kind. hence the raspberry pi idea came to mind first.
But if there are pre existing controller that do this kind of this that can interface via USB that could pull of this job I am also all ears about that too