We would have
$$\tau = d/0.99c - d/c,$$
of warning, where $d$ is the distance to the star when we first detect its light and $c$ is the speed of light.
Would we see it -
yes indeed. Since
$$\lambda_{\rm obs} = \lambda_0 \left( \frac{1 - v/c}{1+ v/c}\right)^{1/2},$$
the light from the star would be blueshifted by a factor of 14, so for a solar type star, the peak of its emission would be shifted into the ultraviolet.
However, it will still be much brighter than a stationary star at all wavelengths. If we assume the star emits roughly blackbody radiation, then it will look like a blackbody at 14 times the temperature, with an integrated luminosity that is $14^4 = 38,000$ times higher!
See the results/derivations at https://en.m.wikipedia.org/wiki/Relativistic_Doppler_effect