I want to write a script that changes the color of an object for a certain amount of time, then resets to the original color for a different amount of time, looping infinitely. After making a script using the bpy timer and finding it was running too slowly in the file I was using, I wanted to try a modal timer. However, I wasn’t able to figure out what to do from there. How can I properly achieve this?
Welcome 
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I’m not sure what you want if you use the bpy timer… a general “blinking” effect only in the GUI ??
You might use some math on the frame number… or have to elaborate this to get a more suited answer.