Damn wish all this happened about 2 months ago lol. I found the eeprom fix at xboxhacker.net (good thing the XS search engine was down or I would have never found it).
I did fix a red flashing 1.4 with the eeprom fix as far as I know. I could be wrong but if I remember correctly it was a 1.4. The version of the box should not matter here(eeprom fix), but I guess it would make sense that 4977 wouldnt work on a newer box.
If you find that the eeprom fix didnt work for you dont worry, it just means your using the wrong version eeprom. In other words, if you use a 1.0 eeprom and flash using cromwell-patched.bin and your still getting blinking red, it means you need a 1.1 eeprom!!
Also a sidenote, Ive had countless people in IRC coming to me and saying that they are getting "eeprom encrypted region invalid" in config magic. If your getting this it may be because YOUR USING THE WRONG VERSION OF CONFIG MAGIC!! Use the final build that supports 1.0 AND 1.1 eeproms and all will be better. Have a great day!!