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The capacitors on the DM board need replacement, thats a common problem it will work fine but if power is loss even for a minute the capacitor drain, then they cant recharge since they need replacement so the set will just keep blinking the timer light. Installing the V26 DM repair kit from www.tvrepairworld.com will usually repair that. The kit contains the Replacement caps and the CD with detailed instructions.
I suspect the lamp area is VERY dirty as is the cabinet's filters and fans. This causes great stress on your tv and lamp. Take the time to clean all of them fully. Is the unit in a dirty area? or in a high temp area? DLP's dont like high temp or contaminated areas as they are NOT air sealed units.
The DM is failing to complete the boot sequence thats why the power led is continuously blinking green. The V26 DLP DM repair kit will usually repair that issue you can get the kit at the following link which includes the replacement capacitors and step by step instructions with pictures on how to do the repair.Its listed under the repair kits category. http://servicemanuals.vstore.ca/
SYMPTOM: Power LED does not stop blinking after plug in.
CURE: Check C81A2, C81A3, C81B3 and C81B4 (1000 uFD, 16V, 105C) on the DM PCB.
Check C8F19, C8F21, C8F22 and C8F27 (1000 uFD, 16V, 105C) on the FMT PCB.
If any are bad, replace all of them with part # 181P734030 (680 uFD, 16V, 105C).