Your problem isn't that you need a faster way of drawing sprites. You're drawing too many sprites. Here is the code you need to revise:
for xcount=1 to 7
for ycount=1 to 15
ydraw=reversenum(ycount)
if ledarray(xcount,ycount)=0
sprite spritecount,xcount*40+240,ydraw*40-40,1
endif
if ledarray(xcount,ycount)=1
sprite spritecount,xcount*40+240,ydraw*40-40,2
endif
spritecount=spritecount+1
next ycount
next xcount
What's happening is the program keeps creating an increasing amount of sprites. Eventually your program will crash because the sprite number will be out of range (1 to 65535). You need to either delete sprites you're not using somewhere in your loop, or reset the variable
spritecount, so you reuse some of the sprites that aren't being used.
The above suggestion will also improve sprite drawing significantly.