Actor Names in Ending Scene

Curiosity is killing me regarding the actor names during the ending scenes, so here's an attempt at deciphering it.

Nattak has discovered that the names are written starting at C2/8FD0.
After looking into it a little bit, here's what I discovered. Take Shadow's name for example.

Shadow has 6 letters in his name. At C2/8FD0, you can see the following four bytes: 74 31 00 10.

The ROM divides each letter into two chunks. Each chunk is written in the game with 4 bytes. My guess is that the last two bytes correspond to the (x,y) coordinates of the position of the top chunk of the letter, while the first two bytes correspond to looking up the letter "S" in the rom.
If my theory is right, there are 48 bytes in total responsible for the writing of "SHADOW" at the ending.

Code:

Shadow
C2/8FD0: 74 31 00 10        S, top
C2/8FD4: 3E 31 08 10        S, bottom
C2/8FD8: 3F 31 10 08        H, top
C2/8FDC: 07 31 10 10        H, bottom
C2/8FE0: 17 31 18 08        A, top
C2/8FE4: 00 31 18 10        A, bottom
C2/8FE8: 10 31 20 08        D, top
C2/8FEC: 03 31 20 10        D, bottom
C2/8FF0: 13 31 28 08        O, top
C2/8FF4: 0E 31 28 10        O, bottom
C2/8FF8: 1E 31 30 08        W, top
C2/8FFC: 26 31 30 10        W, bottom

Edgar Roni Figaro
C2/9000: 36 31 14 80         POSITION??
C2/9004: 00 48 31 00         E, top
C2/9008: 10 68 31 08         E, Bottom
C2/900C: 10 69 31 10         D, top
C2/9010: 08 03 31 10         D, bottom
C2/9014: 10 13 31 18         G, top
C2/9019: 08 06 31 18         G, bottom