I want alternating flashing red/green nav lights for a starship, 2 on the top of the hull and 2 on the bottom hull. maybe have each pair on for a second or 2.
This is what I'm thinking:

http://img200.imageshack.us/img200/3041/blinkert.jpg

very basic flip flop, modified for 4 LEDS. I added the regulator because I have some 9-12v walwarts. I can't build it because the breadboard hasn't been shipped yet :(

Does it look OK? Is there an easier way to do this?