This answer explains that the time dilation for an observer in a circular orbit around a Schwarzschild black hole, relative to a distant observer at rest relative to the black hole, is given by the factor $\sqrt{1 - \frac{3GM}{rc^2}}$. So if the orbiting observer experiences one full orbit to take a time of $\tau$ according to their own clock, and they receive a signal from a distant source once an orbit, presumably that means that time $t$ between sending successive signals as experienced by the distant observer is related to $\tau$ by $t = \frac{\tau}{\sqrt{1 - \frac{3GM}{rc^2}}}$. Since the period of a wave is the inverse of its frequency, I'd also presume (correct me if I'm wrong of course) that this means that if the source is sending light with a frequency of $f_{source}$, this will be related to the average frequency of the received signals $\overline{f_{rec}}$ measured by the orbiting observer over the course of one full orbit by this formula:
$f_{source} = \overline{f_{rec}} \sqrt{1 - \frac{3GM}{rc^2}}$
And if that's right, then since energy is proportional to frequency, if the source is emitting photons with radiant power $P_{source}$ and all the photons are received by the orbiting observer, would the radiant power received by the orbiting observer $\overline{P_{rec}}$ (again averaged over one full orbit) just be given by this formula?
$P_{source} = \overline{P_{rec}} \sqrt{1 - \frac{3GM}{rc^2}}$
Or, do you have to separately account for the fact that the individual photons are blueshifted by that factor and that the rate that new photons arrive is increased by the same factor? If so, would the formula be this?
$P_{source} = \overline{P_{rec}} (1 - \frac{3GM}{rc^2})$
Or something else entirely?