I appreciate the feedback, many thanks. Just an update for anyone finding themselves in a similar situation (hopefully not) in the near future...
Sony said they would repair it for $99 excluding shipping... So ~$115 total. Their repair 'warranty' is for only 90days. I tried my best to get them to repair it for free as i reminded them they did with my ps2 when it stopped reading discs... but no luck. Heard others were able to convince them... i tried, but unsuccessful.
Called a repair place in the river parishes region and New Orleans... Both were honest and told me their 'fixes' would only be temporary, but the red flashing light is a chipset issue/malfunction. They actually both recommended just getting a new one as well. Their repair costs were about $70.
So after all this, I figured I'll try to scoop up a new one with the upcoming holiday deals around the corner. I was able to turn it on for a bit and retrieve some files which was nice. I recon I'll just have to wait it out a bit. Thanks again for the info. Best,
This post was edited on 11/16 at 10:07 pm