Use "texture pallet loop", I am making a map right now with a bunch of examples with that. I can tell you a texture with 1, 2,3, 16 vertical black lines does not work. It seems to need a gradient ( I have not figured out why only black lines don't work, maybe it can't be 0 black, still working to figure that out)
BUT, just make a 512 texture with the color in the middle like from red to black or green to black, color in the center.
And you will have a nice smooth flashing light, depending on how sharp of the cut off is for the gradient.
Add the texture to the ,,,Display-Skin, of the light. plus between your texture and the speed setting of the light you can get the blinking just right,
Try a 32 wide pixel gradient in the center, all the rest black, on a 512 texture.
You don't need to use a 512 texture, but it just gives you better resolution of the speed, but 256 will work just as good, but less refined, to flashy or to slow.
And if you only want one texture affected, just use the special lit, and the bulb-light will glow without the other surfaces.
Or omni bump map if you want to light up meshes. to show the blinking on them.
And if you really want to get fancy, use a crystal mesh from the studs and place it as the light lens, use omni bump map , have a more 3D bright effect.
I see you are using the skin for the light, so you will need two lights, I don't know, but it's worth a try.