See: https://custom.simplemachines.org/mods/index.php?mod=4283S
This version of mine uses hooks and works in all browsers and has been tested on version 2.0.17.
Note: the gif file is borrowed from the blinkbbc_1-0 mod from http://custom.simplemachines.org/mods/index.php?mod=924
usage example:
[center][blink][b][i][color=red][size=12pt] Text to blink [/size][/color][/i][/b][/blink][/center]
looks like this:
Text to blink
This is now declared to be bug free