Folks ...
1) Blinking isn't technically possible.
2) For gawd's sake, that would be lousy UI design! You're thinking of a modern UI with a mouse ... game UI designs with a joypad only flash/pulse/blink the current selection, especially in the mid 1990s when this game was made. Whatever happens, the color chosen has to fit in with the existing game, you can't go crazy!
So ... solid white or solid orange.
Nobody has yet actually advanced an argument as to how their choice would fit in with the existing color choices of the other on-screen elements, or why that color choice is preferable to the other.
C'mon folks ... this is an essay question, and not a multiple-choice!

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In any translation project (or development project) that involves more than one person, there will eventually be a disagreement on some issue or another. How the people involved resolve that issue is going to be a great factor in determining how well they work together, and whether they will continue to work together.
So ... it's import that you can make an argument for the things that you believe in, and that you also know when you *don't* believe in something strongly enough to argue about it.
If you haven't noticed, SamIAm and I don't always agree on stuff. But we have managed to form a relationship where we can disagree, have a logical argument, and then come to a consensus and move on.
The color choice here is an example of something where you guys can consider a fairly small design/translation choice, and then figure out how you'd argue with your partner to put forward your personal preference.