One note: The PO lost the keys and is still looking for them. I just created a jumper switch from ground to the red ignition ON wire to turn it on. Does this create a short to the left side bulbs? I'll get a new ignition but I was just waiting for the PO to find the keys.
I am not sure about the flasher, but instead of buying a new ignition, you should be able to take the original into a locksmith and get new keys made. The '78 550 I recently bought did not have any keys either. Just took the ignition in and had a new set of keys in bout 15 minutes for all of $12.00.
Just a side note, The locksmith looked up the ignition code on his computer, cut a key and it would not fit. Pulled out his trusty 1980 key book, called it his key bible, and it listed a completely different key code. Cut that key and it worked like a charm. The locksmith, who was in his late seventies, said, "Never trust those damn computers, should have used the book in the first place."
Good luck with the flasher though.