Congrats on the car. These things are incredibly fun to drive and tinker with.
Regarding your cruise control issue, I had the same problem and it ended up being the clutch switch. Basically there are two switches that let the ECM know when your clutch pedal is fully depressed (for engine starting) or fully disengaged (how it knows to turn off CC when you touch the clutch pedal). In my case it was the latter of the two being out of adjustment. As the clutch pedal’s resting position lowered over time, the switch became less engaged and lead to an intermittent signal causing a fault with the ECM and the flashing light you mentioned. Adjusting the switch to be fully depressed at the clutch pedal’s new resting height fixed the issue completely.
I’d start there and then replace the switch if the problem persists. If neither of those work, it’s probably something a bit more complicated.
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