hmmm, there isn't many options i know of with a red blinking LED.
how about Streamlight Sidewinder Compact II (there's an older version)?
i do not own this light, but i have the non-compact version, 1st generation.
the Sidewinder Compact II is:-
- simple enough to use,
- not much bigger than 1xCR123
- has the blinking red beacon (yap, its a beacon, not strobe
)
- 4 output levels (press & hold to cycle from lowest to highest & back to the lowest, & the cycle continues if the button is held down)
actually the green is more visible.
things to note:
- the Compact II accepts CR123 & AA
- the older version accepts AA only
- there are a few colour options some with IR (military model), in place of green LED (aviation model), IIRC
despite its nylon body, it takes waist height drops fairly well, with almost no sign of scratches or dents & the light still works.
hopes it helps.