I’m with DM on this one. I too would opt for the PIC route for several reasons – not least that the exterior (or on-board) crystal oscillator of the PIC would yield much more precise timing of the flashing sequences.
The use of a 555 timer could well be used as the main timing oscillator, but then you would probably need a handful of separate counter and/or logic chips in order to obtain the particular flashing sequences. By which time the entire circuit may be somewhat cumbersome and you might have trouble trying to shoehorn the whole caboodle inside your designated 3-inch buoy.
A single 8-pin PIC controller, on the other hand, would do the job easily, and would fit on an altogether much smaller circuit board. The downside to using a PIC is that you would need the means to stuff the relevent HEX code into the PIC. If you are without the means of programming the PIC yourself, then the secret is to knock twice and ask nicely.
As an aside, you probably would not need a separate PIC for each sequence of flashes. In other words, the same PIC could store a whole host of separate sequences – each selectable by a simple press of a wee on-board tactile switch.
Edited By PMK on 21/02/2011 06:09:38