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It sounds like you want to display the screen with inverted colors and gradual fade the effect back to normal colors. There are a lot of way to go about this, but this is one of the simpler options using simplified (and untested) code. I'll let you worry about the details and structuring it for events.
draw_set_color(c_white);
draw_set_alpha(1);
for (_alpha=0; _alpha<1; _alpha+=_speed) {
draw_surface(_view_surface, 0, 0);
draw_set_blend_mode_ext(bm_dest_inv_color, bm_zero);
draw_rectangle(0, 0, width, height, false);
draw_set_blend_mode(bm_normal);
draw_surface_ext(_view_surface, 0, 0, 1, 1, 0, c_white, _alpha);
}
