qip, what kind of switch do you use now? If tightening the head won't turn your Mini-Mag with drop-in OFF then I assume you're using some type of tailcap switch already.
One other note, when I turn the head back to the ON position but don't activate the switch, the LED doesn't blink. It only starts blinking again after the switch has been activated once. So you can have the light ready to go with a simple press of the switch but not have the LED blinking, as long as you have a way to temporarily interrupt the circuit somewhere else, like the normal OFF position of the head.
I guess someone will have to do a runtime test for the blinking red LED but I imagine that could take many months unless the switch and timer are draining more power, like was the case with some Streamlight models with the 2-mode switch and un-documented strobe feature. Some of those could substantially drain the batteries after 2 or 3 months and they had no beacon LED.