Running it at 40V should be OK, because the absolute maximum is 45V and 40V is the specified upper limit.
Now, your response to Frank was that these LEDs will be run at 20ma, yet in your original description (above) you stated 200ma -- which is it. Also, you should be designing to the MAXimum forward voltage, not the minimum. For instance, if the LED spec shows a range of 3.1 to 3.6 for the forward voltage, then use the 3.6 value to add up the max voltage in a series string -- so if there are 12 LEDs in the string, that would be 3.6 * 12 = 43.2V. [sound of record scratch] -- hold the phone. I just re-read your reply to Frank and noticed that each PCB has 120 LEDs?!? In a series/parallel arrangement!?! As Mark pointed out, running LEDs in parallel is a BAD idea!! For the reasons that Mark stated [again check out my blog -- which explains in greater detail why this is a bad idea].
So, the picture is forming more clearly -- each LED is to be run at 20ma, and each group of 120 LEDs will regulated to 200ma by the STCS1A chip [I'm assuming that each series string has 12 LEDs in it based on your claim that each LED will drop 3.2 for 3.2*12=38.4V which is close to your claim of the need for a 40V regulator]. The combined current of all of the PCBs [each with one STCS1A chip and each with a set of 120 LEDs] will be 4 x 200ma = 800ma + whatever overhead current is needed by each PCB + the 2A for the microcontroller, so lets say 2.8A. Is that correct?
I suggest you remove one LED from all but one of each series string of 12 LEDs and put a CL520 in it's place. Then, for Rfb [on the STCS1A] use a 0.56 Ohm resistor with a 50 Ohm trimmer+2.2 Ohm resistor series combination across it [the 2.2 Ohm resistor in series with the 50 Ohm trimmer is a measure to prevent an adjustment that would cause excessive current in the LEDs], and adjust it to regulate the current at 200ma. The CL520 is a current regulator designed to run strings of LEDs at 20ma. They will balance the currents in the series strings to 20ma each, for a total of 180ma. Since the STCS1A will be regulating at 200ma, the left over current of 20ma will flow through the one string that doesn't have a CL520 on it.
Here's how I arrived at the Rfb resistor values:
At max Vfb of 110mV we want the current to be 200ma: 110mv/200ma = 0.55 Ohms
The nearest standard value is 0.56 Ohms so we choose that.
But, Vfb can be as low as 90mV so for 200ma at that voltage we need a resistance of: 90mv/200ma = 0.45 Ohms
So, to shift the 0.56 Ohm resistance down to 0.45 Ohms, put the following resistance in parallel:
Rp = Rt*0.56/(0.56-Rt) = 0.45*0.56/(0.56-0.45) = 2.3 Ohms
Nearest standard value is 2.2 Ohms
The parallel resistance that will produce 0.55 Ohms is:
Rp = 0.55*0.56/(0.56-0.55) = 30.8 Ohms
Nearest trimmer value is 50 Ohms [and most trimmers are 20% tolerance so that's a minimum of 50*.8 = 40 Ohms -- close enough!]
So, for each PCB, have 9 of the series strings with one CL520 in series with each and all 10 driven by the STCS1A set at 200ma. The trimmer is necessary because the control voltage across Rfb can be anything in the range of 90 to 110mv, and that will cause way too much of a difference to rely on a fixed resistor. Before powering the thing up for the first time, make sure all of the trimmers are rotated to where the least amount of current will flow, then adjust each one to a current of 200ma [or put a current meter across one of the LEDs in the string that doesn't have a CL520 in it, and adjust the trimmer [on the STCS1A] until it reads 20ma. The LED that you put the meter across will go dark, but that's OK.