The Standby light flashing that you see is the built in diagnostic program signalling an issue. This particular one means that the D board is not getting the 15 volts it needs, and normally IC5004 is causing the issue. It has been awhile since I dealt with this repair and I therefore have no idea what it will cost you to have it resolved.
If you have some experience working with TV's you might want to take a run at fixing the issue. You would have to ensure you have the tools you need as well as a copy of the service manual, which you can purchase or download of the Internet. I would not advise trying the repair yourself if you have no experience with the inside of a TV. There are lethal voltages and amps inside that must be dealt with in the correct way so that it is safe to work inside the TV.
I would suggest calling your area Sony repair shops, let them know what the flashing code is and what it is signifying, and then asking them for a quote to fix the issue. As most electronic repair center charge from $85-125.00 an hour for labor I would get an estimate and then decide if it is worth fixing, or would it be less expensive to buy a new TV.
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