Sir Switchy Cat . . . . .
Is the LED you mention, being the D29
RED main power indicator LED ?
If so, its power is being derived from the +15 DC regulated buss being provided by U200.
See it in the bottom left corners
GREY inset reference snippet, with those 2 parts being
RED flagged / outlined.
Monitor back at U200 pin 3 with DVM in DC mode and with ground at the shared junction of diodes D207 and 208.
Is it
THIS supply that is dropping its power to the LED at the instant of blink ?
Now . . . .
IF it is being, the mentioned SMPS section, the regulatory portion is located within the
YELLOW lined in area.
Three branches from power supply secondary voltage samplings and ground come down into the circuitry and pair up in the GREEN groupings of resistors that make up a voltage divider to feed to the control input pin #1 of the precision adjustable zener . . .U303.
That U303 unit is in a series loop from the Vdd supply to the D320 zener that needs the VCC-VSS voltages to exceed 30 V for conduction. Then the LED within
VIOLET flagged U302 optical isolator will proportionattively conduct and illuminate its other halfs phototransistor over at the other
RED star location into the controller pin 2.
So monitor across the pins 3-4 of the U302 to see if any voltage variance there, is mating up timing with your RED LED drop out .
Not really expecting it . . . but the overtemp circuit has its
RED star connection going to that same other
RED star junction of pin 2 (FB) of U301 main controller, and shunts that junction to ground thru a 100 ohm resistance when that OT circuitry activates.
Temporary shorting transistor Q304's C to E could defeat its effect on pin 2 for an instant of testing of its possible engagement.
Thaaaaaaasssssssit . . . . . .
The WHOLE Enchilada . . . . .
https://i.ibb.co/6ZYK7tZ/FENDER-Sw-Mode-Power-Supply-Snippet.png
73's de Edd . . . . . .
If the police arrest a mute, do they even need to tell him that he has the right to remain silent ?
.