Here's the one and only color bearer I've found in the records of the 43rd Tennessee Infantry, an East Tennessee regiment. I've not found a narrative in regard to a regimental color bearer.

Green, Robert A., Private, Co. K, 43rd Tennessee Infantry, age 22, enlisted October 17, 1861 at Ooltewah, Tenn., appointed Drummer May 1, 1862, appointed Flag/Color Bearer October 1, 1862 and recorded on the Jan. & Feb. 1863 muster roll as Private, “Coler Sergte.” captured and paroled at Vicksburg July 4-9, 1863, died at home August 5, 1863

M268: Compiled Service Records of Confederate Soldiers Who Served in Organizations from the State of Tennessee, Roll 291