You have nothing to worry about in regards to the red flashes when you turn the loader on and off, that's just what it does. It does not mean low battery, as you said, solid red light means low battery. In regards to your drop test and what the Pinokio is supposed to run, I'm not sure. All i know is that it will never have a problem keeping up with anyone's trigger finger. By the way, if the club will have me, I own a Pinokio and here is a pic of it on my ETEK.
If you want more shots per fill, you definitely want to get a carbon fiber tank that is 4500 psi, the increase in psi will give you more shots. Now in determining which size tank, whether it be 45, 68, 70 or whatever else, you really need to take into consideration what type of player you are. If you want your setup to be light and agile then a 45 is great and depending on how efficient your gun is you will probably get anywhere from 600 to 1000 shots. I'm more of a player who likes to sit back and make calculated moves so I don't need to be as fast and agile, so I've got a 68/45 stubby from Ninja Paintball.
I'm gonna have to disagree here, I definitely recommend getting a tank cover. Not only do they have grip on the butt of the tank to help it grip your shoulder, they also provide all around padding for the tank. This stops you from getting dings and scratches on your tank which could possibly cause trouble when you need to rehydro your tank or when you go to sell it to upgrade. Now yes, if you get shot in the tank it would cause a little bit of a mess on your cover, but that is only if the ball breaks. Some say that the padding in the cover helps with bounces. If they do break, all you have to do is wash it like you do your other gear.