Blinking CEL means "engine damage may occur", this usually happens at the time of a misfiring cylinder, if you let off on the gas pedal it should stop flashing.
You will need to do a compression test
Remove all spark plugs first
Then test 1 cylinder at a time and write down results
170psi is expected with 3.0l
But compression tests are about average compression since battery condition and compression gauges vary, which is why you need to test all the cylinders.
If all your cylinders are 150-155psi that means all is well, weak battery or gauge is off, but all is well
Compression is black and white, no guess work, no intermittent compression issues.
Once tested you can move on or save yourself some money if you do have a low cylinder, so no wasting money on a non-fix, i.e. new coil spark plugs, wires or fuel injector
Many shops also offer electronic compression test, they do work, and it is quick.
Laptop hooks up to engine computer
It disables spark and fuel while engine is cranked by starter motor
The speed of the crank sensor pulses can tell the compression of each cylinder, approximately, but point of the test is to see if #1(P0301) is lower than the rest which electronic test can tell for sure.
Reason I mention compression test is because your 2003 3.0l is very close to the 2004-2006 Ranger 3.0l TSB about Recessed Exhaust valve seats
TSB here:
TSB 05-26-3
FORD: 2004-2006 Ranger
ISSUE
Some 2004-2006 Rangers 3.0L-2V "Vulcan"vehicles may exhibit:
- Malfunction indicator lamp (MIL) on with diagnostic trouble codes (DTCs) P0300-P0306 and P0316
- Rough running at various RPM
- Rough idle
- Misfire
ACTION
This may be due to an engine exhaust valve seat recession causing a loss of compression. Refer to the following Service Procedure to diagnose exhaust valve seat recession.
SERVICE PROCEDURE
1. Perform a power balance rest to clarify if a cylinder is misfiring. Identify and keep record of any cylinder that has a concern.
2. Perform a manual compression test with the spark plugs removed to locate any cylinder that may have low compression. Refer to the appropriate Workshop Manual, Engine System, General Information, 303-00.
3. If no low compression is found per shop manual instructions, proceed with normal misfire diagnostics per the Powertrain Controls/Emissions Diagnosis (PC/ED) Manual for the appropriate model year.
4. If low compression is found and it is a cylinder that had a misfire on power balance, perform a leakdown test to determine the source of leakage that may be causing the low compression. Refer to the appropriate Workshop Manual, Engine System, General Information, 303-00.
5. If low compression is found in a cylinder that did not have a misfire detected then proceed with normal base engine diagnostics per the Workshop Manual, Engine System, General Information, 303-00.6.
If the exhaust valve is identified as the source, replace both cylinder heads with the newly released service cylinder heads. Refer to the appropriate Workshop Manual, Section 301-01A.
PART NUMBER / PART NAME
6U7Z-6049-A / Cylinder Head Assembly