The blinking seems to come from intermittent LED die bond wires, whose contact breaks as the LED die heats up. It's especially common in over-driven LEDs.
Your LED looks like an 8mm unit with no lens, to my eyeball. Just about any topless LED would substitute without affecting your optics. Matching the height off the PCB would be the main consideration.
None of the through-hole packaged LEDs are made for the 300-odd mW your flashlight is pounding through it. A sturdier choice would be one of the
1-to-3W SMD units, such as a Luxeon Rebel, etc. Put it on a copper pour or foil for heat dissipation and you'll both live a lot longer and happier.(You could stick copper foil tape on top of that existing PCB pretty easily.)
You could also consider one of the rectangular 0.5W SMD-types, such as the
5630 or 5050 formats on eBay.Those are usually multi-chip though, producing inferior focusing. And don't forget to heat-sink them. They still need it.
Personally, I'd prefer a single-chip power LED as my first-choice.
Cheers, James Arthur