I found this page with a pretty nice design. The two issues with this design is the need to have a photo cell switch to turn the device off at night, and that it modulate at 4 times per second (240 per minute). I probably have enough knowledge to add the switch, but I'm going to have to do some learning to figure out the timing. Looks like fun. ;P

This video illustrates how well they work. Skip to one minute mark to see the head light action.
Now there is some risk to riding with a modulated head light. Lots of cops are unaware of the law. This shouldn't be a surprise to anyone that's been around the block. There are just too many laws for a cop to know them all. So it would probably be a good idea to have the federal law printed out, and stashed on the bike in case you get pulled over. And remember a cop can legally fuck with you if they are ignorant of the law.