Your description could be ...ECU Battery, RPM board or T/C. The Blinking Red Light indicates a fault error in the start sequence.

I will assume that when the start sequence terminates, the Red and Green lights are blinking together. Is this correct ? Yes
Does the Starter engage once then terminate OR does the starter stay engaged completely until you turn the Control panel switch off ? No it cycles as though it's switching to kero.
If you had a bad RPM board, the starter motor would most likely stay fully engaged and never cycle on and off. IF your starter motor is cycling, your RPM board is likely ok.

Lets look at the T/C. The Green wire of the T/C is to be located on the RIGHT side of the RPM Board Terminal block. So if the terminal block is facing to the right when viewed head on, green should be closest to the compressor?
IF using the Older SIMJET ECU (2002-D2) , you need a min. of 10.3 volts to perform a proper start. IF using the GASPA ECU you need a minimumn of 7.6 volts The kit came with a 2002-D2-R and two 9.6 volt NiCads



Thanks for your help