I had that problem for a while, and had convinced myself that the PCV elbow improv replacement that I had made was at fault, but once I fixed that, I realized that the problem was a cracked plug that the spark plug wire had come partially off of, to make matters worse.
There was mild backfire accompanying this under heavy acceleration, but I was told that such was the transmission having its infamous problem, and for a while, I believed it
When it blinks, if you use a ScanGauge to read the codes during the blinking, often times it will stop blinking & stay on, and throw codes--I had 3, one was a chassis code, and the only one I recall was P0304.
While this might not be your problem, it couldn't hurt to make sure that this isn't.
EDIT: Oh yeah, when it blinks under heavy acceleration, the trac will still accelerate reasonably normally, but I took her through some mountains and the acceleration...well, I got passed by a rusted out van that still had "obamabound" spraypainted on the side, and that was when I knew that I had to investigate my problem...my point being that the CEL problem could actually endanger your driveability. Tangenting, other than maybe causing the wire to slip off, I'm not sure how this crack I found in the spark plug could have interfered with the engine, but I replaced the plug anyhow, and now my trac is back to far-better-than-new levels.