I had a similar problem; Low Coolant light was flashing on my Chevy Lumina 2000. My coolant reservoir tank (not the radiator) had sludge/dirt on the inside walls of the tank. So what I did was 1) emptied the reservoir using a kitchen baster (you can get that in a Dollar store), 2) cleaned/removed all the dirt (using a cloth and a bent copper wire); make sure you remove most of the dirt inside the reservoir tank. Voila, the flashing light stopped blinking. So I think what was happening was that when the coolant used to get hot, the dirt from the reservoir tank used to block the Coolant Level sensor making it to blink. That fixed the problem. If this does not fix the problem, then try cleaning the Coolant Level sensor itself which is located on the side of the radiator itself.