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Thats one of the famous capacitor issue most likely. Thats the V26 Chassis DLP and usually that symptom is caused by failed DM and Power Board capacitors. There is a repair kit that will work in alot of cases with that symptom. Its called The V26 Chassis DM / Power repair kit available at the following link with detailed instructions http://tvrepairworld.com/mitsubishi_repair_kits
The DM is the second board inside the Chassis block directly underneath the FMT board. But replacement DM boards if still good are very expensive your better off replacing the 4 capacitors that fail on the DM.
Thats usually caused by failed capacitors on the DM and the Power boards. You can get the V26 Chassis DLP DM/Power repair kit which contains the caps for both boards and the CD with instructions. Its available from www.tvrepairworld.com under the Mitsubishi repair kits category.
continuous blinking green light indicates that the capacitors have failed on the DM pwb. You need the V26 DLP DM repair kit which is available at the following link under their repair category. http://servicemanuals.vstore.ca/
The DM board wont cause that symptom. The DM only directs power that is recieved from the PWB to the ballast fans and etc. That sounds like a problem with the FMT. capacitors 1000uf @16volts numbers C8F21, C8F22, C8F19, and C8F27. those will cause distortions in the video on the V26 chassis. Let me know if you need more info
This part will cost you about 650 to 800 bucks my friend. if you have any soldering skills, and can follow directions, I posted a DM board fix. it may just be four small capacitors. Now this set that was used in the fix is not exactly like all the other Mitsubishi TV sets that still have a DM board, but if you can locate the DM board, follow the rest of the repair. if you do not know how to solder, do not take a chance, as this part is way too expensive to be experimenting around with. Get the Capcitors(there is a link there too for the capacitors)and take the DM board to a service shop, as this should not cost you a lot to have a pro do this for you. The DM board fix is located here: