Blinking is normal. Here's the relevant excerpt, from Appendix A of the Installation Guide:
For modules such as the SV-ADAHRS-200/201, the SV-EMS-220/221, and SV-ARINC-429, observe the red LED light near the SkyView Network connector:
o Flashing Fast: The module is operating normally and is configured and communicating on a SkyView Network.
o Flashing Slowly: The module is operating normally, but is not active on SkyView Network.
o Off: The module is not receiving power (from a SkyView Network / Display)
o On Solid - the module is receiving power, but is not operating normally.