FBlinkDelayMax

Blinking occurs randomly on all NPC's, as well as the player. The amount of time between each "Blink event" is a random number between the minimum delay variable, and the maximum delay variable. The default value for this setting (max) is 4.00 seconds.

Also realize that, unlike most animations, this time setting will not be affected by the fGlobalTimeMultiplier in the Oblivion.ini file. 4 Seconds max is always 4 seconds, even if the world is moving in slow motion.