Michael - I think I have your answer. In the users manual page 163. Display mode, Detailed photo info "Highlights are shown in photo information display. Very bright areas blink on and off." I didn't find anything regarding it's use in live view. Under "Live View", page 50, there are no instructions and/or information regarding blinking highlights. Live View is the movie recording mode from which you can also take pictures by pressing the shutter release button. From what I have devised is that the Blinking Highlights are only displayed in the photo information display and not in live view. So it looks like you will have to take the photo and then view the blinking highlights in the photo information display. What I have determined here is right out of the book. So if anyone in the Community has a different experience on this please chime in. Hope this is of help.
Happy shooting,
Joseph