I'm not at all a master of this yet, but here's what I know so far:
In order to blink-tank you need to cast Utsusemi before the fight. Then, after provoking the monster, you count off the first two "shadow absorbs the attack and disappears" and cast utsusemi again, while the monster relieves you of your 3rd shadow from the prior casting.
Before level 37 it'll be very hard to continue this past 6 shadows because most monsters can take out the second 3 of them before the recast timer for utsusemi:ichi has expired. In other words, you can't be a super blink-tank until Ninja level 37. Past 37 you will have two utsusemi spells (so you can alternate) one of which has a 1.5 second casting time (so you can actually get it off between monster attacks).
Meanwhile, you have to keep
Hate somehow. This means you'll need the best accuracy and damage you can get, and of course, warrior subjob.