I always turn off cursor blinking everywhere I can because I find it distracting; I never knew I could use "performance" as an excuse!
On another note, why is cursor blinking such a universal thing? I assume that other people must like it, or else it wouldn't be so common. Do people have trouble finding their cursor without it, or do they have trouble distinguishing it from actual text? I've never had either of those problems with blinking turned off, but I can't think of any other plausible reason.