I just changed out an old rotating (that actually rotated at least some of the time) on a 63 172D. We could have bought a self contained strobe unit that would fit nicely or, as we ended up with, a self contained flasher unit. I ordered an adapter plate to fill in the big mounting space left from the removal of the old beacon. It already has the nut pressed into it to accomodate the installation of the new flasher assy. The wiring is okay as the new unit draws less current and you change the circuit breaker/fuse from 10 amps to 5. Really an easy installation.
I guess to really answer your question, yes. There are alternatives to replacing the rotating beacon. There are stobe assemblies that drop right in and there's flashers as well. Your budget and taste in external lighting are your limiting factors.
One caution, however. If your old unit has been blowing fuses, I would recommend inspecting the entire wiring run, all connectors, lugs, and beacon switch for overheating damage. Might save your B(e)ACON!

Gidday, Mate.