If you create a Quartz composition (a qtz file) it can be dragged into the library as any other file.
Or convert it to a .mov file first for better performance:
http://www.udart.dk/2009/10/28/working- ... in-modul8/
The ASCII projector is a standalone application and thus cannot be used in Modul8, but it seems from what they write on the website that it was created using Quartz, so perhaps you can write them and ask them for help recreating it as a .qtz
However there will be a problem in that Modul8 only allows some of the functionality of Quartz Composer. All 'unsafe' patches are not allowed and video input is one of them. So you'll have to install the 'safe video input' kineme plugin in order to make video input work in Modul8:
http://www.garagecube.com/forum/viewtopic.php?t=3618