Another thing that works great is to hang a LED light from a zipper on the jacket and/or rucksack so it swings back and forth.I have a rear blinker (modded with a red power LED to be visible from at least 1/4 mile), and a fairly bright front headlight ( ~150 lumens). I have a ~1800 lumen headlight of my own design which I'll eventually be using as soon as I have time to finish it.
Blinking lights are fine in the rear. In fact, a blinking red rear light is usually associated with "bicycle" by most drivers. I notice cars giving me a pretty wide berth, which means they see me from far enough away to do so. Blinking headlights in general are a bad idea IMO because they might be associated with strobes on emergency vehicles (and hence might be technically illegal). For that reason, they're likely to confuse drivers. Also, a blinking headlight will do a poor job of lighting the road. although most I've seen are simply of the "to be seen", rather than "to see" variety.
I agree on the invisible thought, many drivers won't even see you in daylight even if you wear "screaming yellow" colored clothes. Apart from that, a "real" bike jacket isn't a bad idea since it got reflexes on the arms so drivers have a better chance to see if you make a sign for turning etc. I have one of these for winter commuting for example.As for clothing, I just wear my normal clothes, but I try to avoid black. In truth, the lights are going to make me a lot more visible than any clothing. Oh, and side marker lights of some sort (or just having sidespill from the front/rear lights) isn't a bad idea. The best safety tip for night riding (actually for any riding) is to ride as if you're invisible.