No, it doesn't and I have no idea why it would do that. The blinking code is what the LED does once the set shuts down.
But if you otherwise have a picture, but it looks sort of like 3D without the glasses effect, you have a defective convergence output IC. Your set has two of these and they should both be replaced.
If you are handy with electronics and can solder and unsolder electronic components, you might be able to fix this yourself. I can give you some pointers if you feel comfortable doing this.
If you decide to call a tech, give him the make and model number, tell him what you told me and that you suspect a convergence output IC failure. He should immediately know exactly what to do, what parts to bring, and be able to fix it in your home in a little over an hour. Cost should be in the $300 range, depending on where you live.
Good luck, let me know if you need anymore information regarding this issue, and thanks for using JustAnswer!