Dare I mention the grey multiturn speed adjustment pot?
Early MFM drives didn't have crystal referenced spindle speed synchronisation. The whole 'system' motor board, spindle bearings, magnets etc may have drifted slightly so that it is marginal when cold and out of tolerance when warm.
SUCCESS !!!
Actually when i was trying to figure out the motor control pcb, my guess was that it was related to the front panel LED. I guess i got confused with the tracks and thought it was just some kind of brightness control, which is quite stupid.
Then i read your message and realized there's an access hole on the back plate of the hard drive !

Then i hooked it up to a PSU, let the drive heat up til i got the flashing red light and started gently tweaking the screw. After a quarter of turn the blinking stopped !!!
Then i re-installed the SCSI/MFM Xebec bridge board :

And ... would you look at that !!! :

Thanks for helping me !!! Such an easy fix, i can't believe it.
The reason i wanted this drive to work so bad is because this machine (Bull Micral 30, first french IBM PC compatible, historical piece of hardware !) has a very dumb bios, the hard drive configuration is hard coded. I tried various alternatives, like an XTIde card, but the BIOS int13h is set in stone and at POST is seems to handle BIOS extensions in a very non standard way. Even the keyboard controller is weird : same pinout as an XT but with a different baud rate ...
Anyway, this was the last fix for this machine (i already refurbished the PSU) and now it works perfectly. I'm so happy !
Thanks again !