Perhaps you could post an example clip. If people could see what you're talking about they may have an idea for you.
Thanks for the reply, Bob. Good idea. The clip is from an aircraft cabin; I forgot to turn off the recording light so it’s visible as a reflection in the cabin window due to the dark environment outside.
I don't even have version 16 yet -- so I haven't tried it -- but it sounds like the perfect case for the new "tracking" Bezier mask (since it sounds like this is a handheld shot). Track the red dot, then use it to cut a hole in the video and place a copy of the same video on a track below, but shifted slightly and maybe blurred a bit. It won't be perfect, but maybe less noticeable than a blinking light. (Others here may have better suggestions.)
I dont' have vp16, but motion trackers needs a constant shape, something appearing & disappearing would not work with most trackers. The solution above sounds good. More advanced might be the remove module in mocha pro, but you would have to manually keyframe the tracker as it can't track something flashing. It would depend on specifics as to how well that worked.
You don't really need V16 to do it. You could just use a mask and manually key frame it. It is just that in 16 the process is automated, which is a time saver. If the camera isn't moving around much, it shouldn't take very many key frames. Instead of cutting a hole in the video, I would mask out a small section from the clip on Track 1 (like a small little picture), save that as a .png, and like a clone stamp, place that over the offending light on track 2. And manually motion track it to stay fixed. If the motion tracking doesn't look right, then you could try stabilizing the footage, so then it is more like a locked shot. Other options include just cropping in tight on the shot or placing a graphic such as a title or something over the offending light. This video sort of shows what I'm talking about.