Hi pmbarber,
This sounds like a fun idea!
Will you be using projectors or DMX lighting fixtures?
In regards to the composition, I would setup a solid color input source on several layers and map those layers X & Y positions all around the comp. You would want setup those positions to fit on the house via projection mapping or DMX fixtures. If it's a DMX fixture, your positions don't have to be spot on as all of the mapping can be done internally in the advanced output section. If you are using projectors, the X & Y positions will need to be a little more precise.
Now for the fun part..... Add the threshold FX on each color and crank you saturation and brightness all the way up, then play with the hue on threshold 1 and 2 to get the colors you want.
Now to the left of the threshold slider, click the small arrow and select external audio for your input source.
(you will want to setup your audio in the preferences windows)
there will be a small audio meter, click the arrow next to that to expand it.
Then you will want to set your threshold slider to a start point about 28 and end point about 32 (to your tastes)
Then all you have to do is adjust the gain and the fall. the lower the fall setting, the slower it will take to change between the 2 colors.
Also, you can set what audio frequencies to listen to by adjusting the sliders under the audio meter. so on the bass hit, certain colors will change, and on cymbal hits, other colors will change.
Now just turn on all your clips, play the music and sit back and enjoy
