Is there a way to control the blink speed of the notification LED on Nexus 4? On my Nexus 4, when I get a notification the LED blinks. However it is very slow so you can't notice it with a quick glance at the phone.

Is there a way to make the LED blink faster?
There is no way to control the blink speed in the OS itself. However, Light Flow provides a plethora of options for colour, flash rate, etc. 
There are probably other equivalent apps too.