OK, have you downloaded the service manual?, and have you googled for the fault?.
The manual is available from:
Electronics forum for electronics experts to repair defective appliance.
elektrotanya.com
And google provides lot's of hits on it, one to YouTube which shows the main board getting replaced which cures the fault - it's rather vague though, as the audio is in Tagalog
Basically LED flashing is an error indication, but there's no mention of what the number of flashes means in the service manual, perhaps it 'might' be explained on training courses, if LG actually do anything like that.
But even with Sony manuals, where they explain the codes, there's often codes which aren't included (and occur), and the codes often lead you to somewhere totally irrelevant.
What usually happens is, as the TV boot's up, it has to set up numerous IC's via the I2C bus, as it does each one it waits for a reply - if it doesn't get a reply, it stops from going any further, and flashes the LED the requisite number of times. However, if there's a fault on the I2C bus, then it will fail at the first chip on the bus, regardless of where the fault is. Depending on the set, once all the I2C bus devices have passed, it 'may' then check the LCD panel and backlighting, depending on the make and model.
There's a load of fairly crappy fault finding pages at the rear of the manual, you might try those?. I must admit, I was amazed to even find a circuit diagram in the manual, as most don't bother these days as spares are usually only available at panel level - although, as usual, there's no diagram for the PSU, the part you've got the most chance of repairing!.
But going from the Tagalog guy, main board?.