Falcon Player(FPP) can be installed on a pi yes and it is tightly integrated with xlighx . In short ( it is more involved subject for this post ) from xlights you can load your effects into FPP which includes wled effects . Also there is a plugin for FPP that includes wled effects .
Take it step by step first as said both ffp and xlights is more advanced then using an esp as in wled case but will work fine on large setups , but some quick references for you that might help you get started
