For my ideea, I was thinking - why use two 555s?
why not just have a non-retriggerable monostable, connected to a flashing LED?
this diag should help- just connect the flashing LED to the output.
Blaitently though, Stevez's idea is much better, and is much neater.
Stevez: you say, "if fast enough", LEDs take a while to light up, so it probably shouldn't be a problem, expecially considering the sped of modern logic ICs
In summary: use Stevez's idea, it much better.
P.S. can the circuit use the power from the 12v or not? if so, where is it coming from?