I suggest to use the 4.7 "mod" firmware and set it to blinky-mode 5 and 6 to zero. The main difference between the 4.7 and 5.4 firmware are that the brake on the 4.7 feels stronger and the throttle on the 5.4 is a bit more aggressive. I only use the 5.4 for boosted stock and 1/12 mod classes.
I hope this helps.
Denis