A very nice find. This adds to our knowledge of when Ed Johnson's Division got their ANV flags after the Gettysburg Campaign. The guy who wrote "One Of Jackson's Foot Cavalry" (Worsham) made mention of their flag but I think it dated to late August or early September. I have an invoice from Lewis Montague who painted these battle honors and it was dated October 15, 1863. This was for the flags of the 40th, 47th and 55th Virginia; 1st, 7th and 14th Tennessee; 13th Alabama and the 26th and 47th North Carolina. The honors would have been very similar to those you desrcibed for the 48th VA flag. Montague must have done that one at a different date.
The flag you cited was captured at the Wilderness on May 5, 1864 by the 24th Michigan and was sent to the War Department as WD # 207. It is at the Museum of the Confederacy now.
Thanks again for the great find.
greg Biggs