This model and others made the same year all develop this problem.
The blinking is the DM (digital module) trying to boot up and it if the set was working correctly stop after about 70 seconds.
This set is a nightmare to work on. The most common problem is filter caps (4) on the main power supply board that puff up and cause this.
The real problem here is there are 2 other boards sandwiched together under the metal shield---so many of these sets would have the power board fail in this way----fix it and a few months later one of the other two would fail.
Under threat of a class action lawsuit Mitsubishi about 8 months ago came up with a new solution----the entire signal chassis which contains all three boards and more is sold on a exchange basis---wholesales for about 200 dollars and sold exchange----more than 70% of what makes the set work is in this chassis and replacement takes less than a hour.
Most shops seem to be getting 400-600 for this repair and only "authorized Mitsubishi service centers" have access to this deal.
Shop around and let them know you know about the "chassis replacement".
I would not just have someone repair the power supply as the other two have over 40 tiny surface mounted caps and most shops will not attempt in house or shop repair of these. The problem is some shops if the problem is on the power board will fix it and not care if the other two boards fail in a short time.
I have seen people who paid 300 for the power board, a few months later the same for the FMT board, and the same again a few months later for the DM board.
If what I am telling you is not good news, let the set go, but do not buy another one from Mitsubishi-----they have had a 20 year history of caps failing in all their sets.
Also, whatever you buy if you replace it get an extended 5 year warranty----if they decide it is too much to fix you get a new set and you can shop the extended warranty and read it carefully----some of them do NOT INCLUDE THE LAMP and others do.
Please let me know if you have questions or need advice, I am here to help.
Regards, SD TECH
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