Padrino, using very fine sand paper dull the led, this way you'll be able to see it light up from any angle. Using a 555 timer is a great idea to make a strobe, however it will look much better when used with super bright led rather than light bulb. An ordinary flash light bulb or, for that matter any incandescent light bulb does not turn on and off instantly like led does, therefore it will not mimic a real strobe as good as LED would. Go to digikey.com for both the LED's and 555 timer IC's.

Good luck, and if you need any help using the 555 timers just let me know, I'll be happy to help.