ColorObjectTracking and custom application

Hey Brad! Thanks for your library, it is great and very helpful.
I have a question about ColorObjectTracking.

I have a very bright LED, it blinks special codes at frequency like 5 times per second. I need to take that input and write it into a bit sequence. It is not a problem, but here comes the question:
How do I write out "1" into some array when there is certain amount of certain color present on screen, and the big concern, how do I detect that there is not enough sufficient number of certain colored pixel on the screen and write 0.
And all that at quite high frequence of like 5 per second. So there can be some periods of lack of light and I need to write them down as few zeroes.
I think I need to set up some sort of timer and check the presence of signal at exact time intervals.

What would you do?