Not really. Blinking indicator means the radio produces 5W, but voltage is less than ~11V. This works with a built-in battery only. With the external battery there is no blinking indicator at all, the 5W output with indicator disappeared or 2.5W with solid three bars only. Therefore you can get 5W with voltage less than ~11V from built-in battery (blinking indicator), but you cannot get 5W from external battery with less than ~11V (no disappeared or blinking indicators, three bars or less only).
?
Serguei VE3KDE