Hey - was looking for something else and came across some trem v1 mods in the main 'tech support' lounge, outside the trem subforum. There's a sticky 'big list of byoc mods' from back in the day when we didn't have individual lounges. In there was mention of the led blinking mod for the v1 trem (subsequent versions include the blinking led). Anyway the recommendation was that it's possiblebut difficult to do reliably. Sometimes the led will still blink with the rate even when the circuit is not engaged. Think about boss pedals or similar latchig type switched stuff when the led is on when the effect is off, and you have to stomp on it a few times to reset it, or occasionally unplug and re-plug it in to get it to reset.
Thanks for all of your help and work on this. I spoke to the pedal owner and let him know what we'd come up with... I think he's going to stick with it in stock form - he likes the pedal too much "as-is" to change it unless it's pretty safe.
Thanks again for all your help.