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.