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That problem is usually cause of faulty capacitors on the power supply board..
Just follow this instruction to fix your TV..
1. Open the back cover of your TV. 2. Look at the power supply board..Its normally connected to the power cord.. 3. After that,,try to look at the actual image of capacitors if it is bulged on the top so that you can easily determine the bad capacitors.. 4. After that,,try to replaced the bad capacitors using soldering iron and soldering lead..replaced the capacitors only with the same type ratings and value.. 5. Some of the capacitors not bulged so its better if have a capacitance meter
If the model indicated here is right It could be in the power supply and this model sometimes fails where light just blinks--that could be also convergence issue--in this model there is a way to disconnect the power going to the convergence board to see if set will then turn on.
You may need to repair the DM board, do you have any solid state repair experience? Check this out, it is already posted here!
http://www.fixya.com/howto/h154057-mitsubishi_dm_board_repair Good Luck to you!