Yeah I don't know how much a single blinking LED can kill the phone battery (considering most laptops blink like crazy when on standby yet still go for hours like this) but they did put a specific warning in the mce.ini (i think, saw it somewhere anwyays) NOT to adjust it so that the light stays on too much as it will kill the battery.

cross3131: The app is called LED Pattern Editor as mentioned above. I'm using version 0.0.4-1
I would try that one even though it's probaly from the testing repository (usually more dangerous) because it has the ability to backup the mce.ini. Some jackass was complaining yesterday he didn't have that option, maybe the older version in DEVL is missing that.