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Maybe. more like 128x512 or 512x512 with 16x16 or 64x64 chars

yes and no. The resolution is fixed at 16x16 = 256 chars.

but... You can use multiple chars - just click and drag to do this. you can then use bigger chars that way.

I am working on a 'new' screen which will allow you to make different pixel sizes:


should be ready in the next few days. I'll let you know :)