You can easily do it via script, just extending your base node.
var blink_timer
func _ready():
blink_timer = Timer.new()
blink_timer.connect("timeout", self, "_on_blink_timeout")
add_child(blink_timer)
func _on_blink_timeout():
if is_visible():
hide()
else:
show()
func start_blinking(interval):
blink_timer.set_wait_time(interval)
blink_timer.start()
func stop_blinking():
show()
blink_timer.stop()
After that just call something like this:
get_node("your_blinking_node").start_blinking(0.5) # will blink with interval of half second
