Haha, technically, that's a souped up vacuum meter... and got renamed to "Energy Control" gauge by BMW... well, it does take the inputs from throttle position, amount of air metered and also the ECU on the fuel injectors duty cycle, that's where it's "souped up"...
Meter not working, and blinking lights when starting... looks like a electronics problem, due to the age of the electronics components maybe... also could be due to some sensors slow to wake up, due to age also... need to rev a bit to increase the alternator voltage to wake 'em up...
Just my RM0.02
LCP