V1: Original video
V2: Solid white overlay - change opacity or take a ride on composite modes (control-click the solid)
V3: Duplicate the original video. Drop a FLICKER filter on it and change the flicker to 1 frame on one frame off
Experiment with different flicker rates and colors of the overlay. Maybe even drop a OVAL shape in there to give it some vignetting.
I'm jumping a few steps, but if you like the first way we can make it better from there.
Thanks a lot for your help. Didn't end up using a strobe effect, unfortunately. It was just too much. Video is live now if you want to check it CaptainMench! http://www.youtube.com/watch?v=jaFxQZhfZXM&fmt=22