Yes, I think your right on the on time. 30 ms would appear brighter.
His calculation was .5 Hz. (2 seconds), but I was thinking maybe 4 LEDs pointing out from the puck at 90 degree angles at 1 second for each set of 2. They would then be kind of random due to component variances. (say red and green - like Christmas) Since he only needs say 80 hours we could raise the current quite a bit.
The super bright LEDs are amazing... Five or 10 times brighter than the cheap ones!