I have this outline of a circuit designed to display a scrolling message.

I'm having some trouble understanding how it's supposed to work, so I'm just going to explain what I think I know and go from there. Disregard where it says "Mux later", I don't think we have to do that part of the project (at least not yet). The circuit is supposed to display a message chosen by me that simulates a scrolling effect.
The DIP switch simply switches between different 16 character messages. I'll be making two messages, so for me it will be just a switch that's either 0 or 1. This switch is connected to the EPROM which is where I start to get confused. From my understanding the EPROM is used to pick the message (depending on the value of the DIP) and to multiplex the output across the 4 displays. But how do I program the EPROM in such a way to accomplish this?
The 7 seg decoder will be a PAL designed to take a given 4 bit input and transform it into a corresponding 7 bit output which determines the character displayed at a certain point during the 2 bit counter cycle that's counting 00, 01, 10, 11. The EPROM multiplexes this message across the 4 displays in accordance with the digit drivers at the rate of the "fast clock" so that the displays look continuously lit.
How can we cycle through 16 characters with a counter that is only counting 00, 01, 10, 11? I think this is where the memory address comes in. My prof said that the simplest way to do it is by using an adder (we have 74283's). What exactly are we adding?
The picture shows an independent "slow clock" that is "added" to the 2 bit counter. Since we want to scroll through 16 characters, should the "slow clock" be a 4 bit counter? So at time 0000, bits 1 through 4 of the message are displayed. Then at time 0001, a bit is added and so bits 2 through 5 of the message are displayed. And so on. Is this correct? I feel like this is the right track, but I don't genuinely grasp the idea. We're adding a 4 bit number to a 2 bit number, but there are only 2 bits going to the EPROM. If there are only 2 bits controlling the output (plus the DIP switch, but that's constant for a given message), there are only 4 unique outputs. So how can you cycle through 16 combinations? Shouldn't it be 4 inputs?
Any input is greatly appreciated.