Yes, BLIMPS is a Scrabble word!

Letter values in Scrabble US: B 3, L 1, I 1, M 3, P 3, S 1.

Is it a valid word?

BLIMPS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

any elderly pompous reactionary ultranationalistic person (after the cartoon character created by Sir David Low)
a small nonrigid airship used for observation or as a barrage balloon

Also: colonel blimp, sausage balloon.