This seems to assume the following:
1. that the UFO is visible (i.e. travelling slow enough to be observed) and then instantly travels at a speed so fast that it appears to "blink out".
2. that the UFO does not actually travel through air - as if it did and travelled above c. 340m/s then it would generate an audible "sonic boom" due to breaking the sound barrier.
3. that there isn't some far more reasonable explanation for the UFO that does not in fact entail "blinking out".
The math you post does not itself address why things blink out, it is the assumptions that you seem to be making that would do that.
Not at all, as "another dimension" would possibly explain why they can safely accelerate from low speed to such high speeds.
It could also explain why there is no sonic boom accompanying the travelling at such high-speed, although other "theories" might also do that (e.g. warp travel as in Star Trek).
I'm sure they have, but as said the maths itself is no explanation for anything, is not a theory in and of itself - it is, if anything, merely part of a theory.
Not really: the more likely explanation is that there are no UFOs of alien origin, that the "blinking out" is merely an interpretation of a rather more mundane cause.