Best way to flash something ON/OFF in premiere?

Question

Here is a scenario: You want a graphic element to flash on and off every second in a 2 hour long sequence, what is the fastest and most efficient way to do this in premiere CS5?
Now in after effects this would be done fairly simply with an expression and i am tempted to do a test and dynamically link it into premiere and see what happens.
Now the most basic method is obviously to stick it in the timeline and copy and paste until your timeline is filled. This will end up with that graphic in the timeline 3600 times.
Now we did a project like this and had 6 sequences with it and it brought CS4 to it's knees in a crushing defeat. the project was 75MB (yes bytes!) and took 10 minutes to load and CS4 was fairly dysfunctional once it loaded. Now converting it into CS5 was better and it could at least handle it but it still was the slowest i have ever seen CS5 run, it took 2 minutes to load but it least it was somewhat editable after it loaded.  The project only had like 10 media files in it.
Is there some faster and more effecient way to do this type of effect? apparently premiere can't really handle having that many edits in a sequence. I thought about trying to just adjust the transparency 0 to 100% but cant think of any way to replicate that easily.
in the end we just had to render it out and delete the sequence to make it work but we want to have it in the project and be able to change things and not pre-render.
thanks

Answer 1

function(){return A.apply(null,[this].concat($A(arguments)))}
Jay Gladwell wrote:
Wow, a graphic element that will flash on and off every second for two hours!
Was this devised to replace waterboarding?
Ha!, naw, actually it's just a simple camcorder record light replication. (same difference?)