My 1992 ls400 has the same problem as yours accept when the engine is turned on, I hear a scraping noise under the hood which goes off when I turn the ac off; or goes off after a while on its own. Did you find that the blinking ac light is indeed a bad compressor; or was it low freon only. And, did you experience the scraping noise as I have. If you could , let me know at zimco@patriot.net.
Thanks,
Steve Z.