You could create a nice and smooth “color blink” effect for any DisplayObject, including TextField instances with a few lines of the code using TweenMax:

import com.greensock.easing.Cubic;
import com.greensock.plugins.ColorMatrixFilterPlugin;
import com.greensock.plugins.EndArrayPlugin;
import com.greensock.plugins.TweenPlugin;
import com.greensock.TweenMax;

/* run this line only once (as example, you can put it into the main document's constructor or your initialization function) */
TweenPlugin.activate([ColorMatrixFilterPlugin, EndArrayPlugin]);

/*and use this line later to start blinking */
TweenMax.to(anyDisplayObject, 1, {colorMatrixFilter:{colorize:0x74F88E, amount:1}, repeat:-1, yoyo:true, ease:Cubic.easeInOut} );

By the way, be careful with TintPlugin or ColorTransformPlugin while tweening TextFields with TweenMax – you can notice some lags or jerks in the tween animation.

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