constant flashing at high rate (more than once per second) indicates that your ECU sees no errors. Among other things this may mean some sensor is stuffed, so its reading is within the range but is barely related to what it should be.
When you can't see the problem from simply reading the codes your next step may be realtime parameter logging and comparing to that of good engine.
obd1 software and adapters are no fancy and you can easily arrange datalogging having only a laptop. Of course if you're not banned at Google. Unfortunately I'm not aware of such software with English interface.
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