Sorry to jump in late here. I've been out for a while.
There are many reasons (a dozen? -twenty?) that a Studer will not permit operation, shut the transport down, and indicate this to you by blinking the STOP lamp. Thus the lamp is a symptom, not the problem. Unfortunately, the machine provides no information about the source of the unsatisfactory condition.
You can go to the manual which will help show you the various sources to the logic circuit that controls the protection and you can start checking them each out one by one. It can be tedious, I'm afraid. If you are tricky, you can fool the protection circuit by eliminating the fault circuit inputs to see which gets the lamp going - just don't try to run the machine! Once you have found the disagreeable section, you can then start to address its problem.
I had one that turned out to be a card that had a modern upgrade that was not shown on the schematics and it gave a fault indication to the machine even though the circuit was functional. That one was tough! Usually, it is not too hard to find.
I must pause for a moment of perspective. This is not a beginner-level problem. Please take a long look at that 30 amp power cord, those powerful motors, and the wire wrapped microprocessors. Contemplate the current levels, torques, and voltages involved. Scan through that four-inch-thick manual. Think about those precision components that were expensive when new and are now hard to find. Then think of what could happen if you make a mistake.
I don't know your level of experience, but if you are looking for something to fix and gain some electronics knowledge on, this isn't the place to start. Not that I am trying to discourage you, but this is the very top of the pyramid in studio gear when you consider the electronic and mechanical complexity ivolved.
Of course, if you are confident to proceed, we will all try to help - even though it would be far easier for any of us if we were there with our own hands on it.
Meanwhile, I'll keep reading and cheering for you. I hope it works out.