Theoretically, it should be possible to do this without a PAC-drive...
I am by no means an electrician (I barely understood electrics in high-school).
However, It feels like I should be able to create some kind of circuit with a timer functionality that just makes a LED blink. And then have an additional wire from the coin-mech-trigger that closes the circuit, thus forcing the LED to blink. And then have an additional wire from the "start" button to open the circuit, thus forcing the LED to stop blinking.
and of course, the coin mech and start are also connected to the I-PAC.