The problem is, I hit this the other weekend photographing some flying [while] swans, against a cloudy sky. I did not mind (too much) if some bits of cloud distant from the subject were blown-out, as long as the birds were not. I was using ES (for the highest frame rate - to get some shots with the wings in a good position) which does not allow exposure bracketing (unless I am mistaken). For now I'll use AlanF's suggestion of using the EVF exposure simulation along with the histogram and then deliberately under-expose a little to make sure the highlights are not blown-out and correct in post.
The other advantage I see with the blinking warning is that it is in your face! Recently, I have been using manual exposure for birds-in-flight, as you get the consistent exposure, no matter if the bird flies in front of a dark or light background. The problem is, I am not good enough yet to remember to keep monitoring the histogram, so may not notice the light levels have increased, or the bird has flown into a less shaded area. If there was a black/white flashing area, I would hopefully notice that