How much extra weight can your heli lift? Is it battery powered?
The video you posted dosn't show the circuit used to do the flashing, but it looks awful small, so I would guess a micro-controller is being used to make the strobes. You can make a strobe like that with a 555 timer and a 4017 counter, but it will take more parts then a micro-controller soulution would. There are alot of 555/4017 led strobe circuits here and on the rest of the net. That whould give you a good start on how you could do it.