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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.
the circut that detects the bulb has been also failing in these sets
and the conversion chip that controls the picture , and the transformers are not putting out the full power they are supposed to.
this set will need to be tested to determine the exact cause or causes
Those blinks [flashes] are fault indication (Error Codes). From the number of blinks occur at one time switch ON, you can get an idea about the faulty circuit section inside it. This will make repair easy. These are called blinking codes. Make sure about the exact number of blinking of the standby/power LED, by switching On & OFF the set, for at least two times. Count it carefully. If you wish to get some details, check the site linked here. It has details about blinking codes, and fault locating procedure, to many popular brand TVs and other devices. http://homenol.blogspot.com/ http://electronicshelponline.blogspot.com/
If blinks continue without any pause, the main board is faulty.
I just had this problem fixed. In my case, it was because the insulation on the CRTs was cracked, and when it would warm up, the shielding would separate and would let 5000 volts arc across the main board. This, obviously, damaged the board. The tech didn't catch the arcing right away, so they replaced the main board twice before they used a high-temp RTV to patch the insulation.
The power-cycling was a result of the damaged board.
The point of this story is that the broken part may be a symptom of the real problem.