I tried to search to see if something like a plugin existed for VLC, and I didn't find anything. Seems like it should be solvable at least if the media can be parsed ahead of time or with some delay for a live feed.
> According to the World Health Organisation, about 10% of people will have a seizure in their lifetime. And these non-epileptic seizures are exactly what occurred during “Electric Soldier Porygon.” 76% of those who had seizures during the event had never experienced a seizure before, and of those who had, most had never had a seizure provoked by TV before. This event is actually what helped confirm that people without any history of epilepsy can have seizures triggered by flashing lights. It is estimated that of the 7 million viewers, 10% had some sort of physical medical reaction but not all of these needed specific medical attention.
Wikipedia states the episode was viewed by 4.6 million households, of whom 685 (0.001%) were taken to hospital. While 12,000 children reported mild symptoms (0.2%), studies suggest many of these were psychosomatic and triggered more by parents freaking out over exposure (this was huge news in Japan) than the exposure itself.