a blinking SES means that there is damage being done to the cats.
EDIT: a misfire will cause it to blink, because dumping raw fuel into the cats is bad. remember, OBD2 was designed as an emissions system, the SES usually goes off when something is wrong with emissions, ie your engine. probably changing out the plugs will help with the code, make sure they are gapped smaller .035" should be suficcient i would think. there also might be a bad coil, or a bad connection.