Mike, as I recall, the red light indicates under exposure. Did you try adjusting the shutter speed to change exposure? Also, check that you have the aperture ring set to "A" for automatic. If you have it set on an f number, the exposure is in the manual mode. Irregardless, the blinking light means that the exposure setting is too low.
Thanks for that ray of hope Alex but every attempt to negate the flashing red light has failed.Guess when I repaired the mirror return gear the oil,yes one small drop of oil,must have shorted out the AE-1.DANG!
Mirror snaps like it was brand new,but the "cure" blew out the AE-1's circuits.(I think).
I shall lend my Nikon Fe to Jacqui until I can get her a replacement.Feel responsible for pronging her Canon.