Yes it is possible. generaly the way to wire signals to turnouts is through extra contact sets on the device throwing the turnout. Many come with them or can have them added. as far as making them blink that gets more complicated. I would think your would need to run the signal from the switching device through some integrated circuitry. You are going to need some hex invertors, quad nor gates that activates a timing circuit in addition to a signal from a block occupancy detector. The first one will take you as long to figure out and get running then the rest combined but it should be fairly straight forward and possible to do.