Replacing the motherboard will help if the problem is a bad motherboard. If it's a bad LED, it won't.
And replacing the motherboard, if you don't have experience doing it, will most likely lead to more problems.
Not hearing the other person on a call may or may not have anything to do with the flash problem.
These aren't things that can be diagnosed online, someone has to have the phone in his hands to figure out what's wrong.