I honestly hadn't even considered that. I have a very different type of array that I am working with - similar to the affymetrix DNA microarrays (except its with proteins and its colorless).
I'm not sure how well one could use this technique to find words in a pattern like that. Maybe if you knew what dictionary was used to generate the word (so you could check for feasibility) it might be useful for that. But being as the ones I've seen use upper and lowercase letters, and varied fonts at varied heights, I think that guessing letters could be fairly difficult.