If you go into the labview options, and select colors. There is a color for the blink foreground and for the blink background. Changing these from the defaults will add these entries to you labview.ini file.
blinkFG=
blinkBG=
If you make an exe from your VI you will need to add these two entries to you exe INI file. You can also change the speed. On the upside, you can do this programatically, but it will require a restart of the VI in order to re-read the INI file.. I think, I have not tested it... but I assume that it is only read on launch. You can experiment with it.
You can also change the blinking speed in the properties which adds the line
blinkSpeed=
I hope this clarifies things
Paul