> if the 3915 is too expensive
Should be $3. Even Radio Shed was selling it around that price.
Heck. Go to www.digikey.com, put "LM391" in the Search box. They have ample stock of 3914, 3915, and 3916 in DIP-18 package all for under $3 each.
> That peak hold & decay could be awfully useful
You can do that with LM3915. The 3915 does not do it by magic, it actually just displays the voltage you give it. Peak hold/decay is in your rectifier, and if you'd go to the National.com you find such schemes in the datasheets and the application notes. They don't show a combination semi-VU-bar and peak-dot display, but that can be done with two detectors and an oscillator to rapidly switch between the two modes. (At some point, it does get so insane that Joe's PIC plan looks attractive. You trade hardware complexity for software complexity, but you have to build hardware whereas software can be told to copy itself.)
Stacking two of the dB-VU chips is also in the notes, and at $3/each you can't whine too bad about "needing 1.5 chips". Just ignore the extra pins.
> Even assuming two rows of 8 meters, those will be some pretty small VUs!
There are edgewise meters that can be stacked that dense. I would not want to have to read them.
If he's going LED, there is a standard 8X8-array LED that would give 16 channels of 15 steps in 2 inches square. The 8X8 module goes for around 4/$10 if you find it surplus. Not sure I'd want to work on that either.