I had the same problem with a 32HL67. (Your TV may use many of the same parts.) The TV would not come on, and the only way to stop the yellow blinking light was to pull the power.
Took the TV to a local repair shop, and we jointly decided the problem was either the power supply or the main video board (seine board). We decided to try the video board first. Ordered board PEO249A, part number V28A000320A1 from
www.discount-merchant.com (49.95 plus shipping) and had it installed last week. This solved the problem. However, a new problem showed up. The TV now will not scan over the air for digital stations. This is not really critical since I use DirecTV; however, it is good to be able to get the locals over the air.
When the video board was replaced, we discovered that the original board in my TV was PEO361A, part number V28A00043601. This is Toshiba part 75007222. (This board is also available at the same vendor for the same price.) This difference in parts may be the reason my TV now will not scan for digital stations. It appears that replacing the video board with either of these new boards will likely solve the blinking yellow light problem; however, if you use the PEO249A, you may lose the ability to scan for stations. On the other hand, there may be an inherent problem in the PEO361A which may be causing the blinking yellow light problem. Who can say?