Ok...current thinking, barring unforseen marketing/engineering issues...
Design the housing for the LEDs on 5mm pitch...turns out that we will be able to fit 16 LEDs. Determine what is the best combo of 8/10/12 point modules and build it/them on 5mm, so LEDs will be sitting next to screw head. Also build 16 point modules with 3.81mm, so we'll have status for all points, but they won't line up exactly with screw heads but should be close.
We have an answer for the folks that can't make the lower density modules work, but, for the majority that won't require more than 132 points locally, we have a micro solution with meaningful terminations.