I bought one of these tv's at a thrift store and it had the same problem, orange light blinking and static sound coming out of the speakers
, no video at all.
The problem was the power supply board, this power supply has multiple outputs that feed the circuitry, 12V, 24v, 5V.
There was nine electrolitic capacitors I had to replace to fix it, all of them were bulged they are easy to spot, I measure one of them that was supposed to measure 1000uF but measured only 65uF. you can buy these from digikey for about 50 cents each, they need to be rated at 105 deg c and the profile has to be below the heat sink
otherwise they will hit the top of the heat sink, the spacing between the leads has to be 5mm so they fit in the pcb. I replaced 3 1000uF/25v, 3 470uF/16v and 3 1000uF/16v and that fixed the problem, I bought this tv broken for 100 bucks fixed it with 6 bucks.
Good luck, don't perform repair if you are not familiar with dangerous AC voltage inside the TV.