Had an opportunity to run through all the great suggestions received, and believe I solved the problem of the flashing light not flashing. Using a can of Dust-Off disposable compressed gas duster, I first I blew-out any dirt that may have accumulated between the bimetallic strip and the thermostatic switch. Using a Q-tip next I coated the gap between the strip and switch with CRC as well as the outside strip to eliminate corrosion or oxidation that had built up over the years. After that, the flashing light began to work at the correct interval.
However, I found a 9V bulb worked better than a 6V bulb. May have something to do with the fact I need to run the No. 193 water tower between 16-18 volts along with the switches I have on the same ZW circuit. In any event, the flasher is working so problem solved.
Thanks to everyone for your very helpful suggestions. Urbie