You can change the fill color to highlight it, but I doubt that there's a way to make it blink. (but you never know what some clever plug in developer might have created....)
I will look into finding a developer.
If conditional formatting could be incorporated into a script then this may be possible to change text color, then pause script for a second, then change color of text again, and so forth.
I thought of that method as it would change the color. But the scripting is likely to interfere with your ability to interact with your layout.
You might try this method.
Set up a conditional format on the field:
$$Color = 1
And specify a contrasting Fill color.
Have OnObjectEnter perform this single script step:
Install OnTimerScript ["Flash" ; 1 ]
Create a script named "Flash" with this code:
Set Variable [$$Color ; value: Not $$Color ]
Refresh WIndow 
To stop the flashing have a script (onObjectExit) do this:
Install OnTimerScript 
This should cause the field to change color every second. But I have my doubts that this will produce a satisfactory result.
I have tried this suggestion and because it refreshes the Window is second it doesn't work quite well but you have given me other ideas to try.
I will let you know what I come up with if it works.
Also, if you don't mind, when no records are found in a find script, how can I eliminate the "No Records Match this Find Criteria" error message. I would prefer the script to just end.
how can I eliminate the "No Records Match this Find Criteria" error message.
Set Error Capture [on]