Bob, Hugh, and Greg,
I don't know much about flags, but there is a 57th Alabama flag at the Alabama State Archives. The information about it online indicates it was pretty shot up at Peachtree Creek, John B. Carter (color bearer) was mortally wounded carrying it at Franklin, and it was taken home after the war by Capt. J. P. Wood.
Don't know if this helps confirm anything, but thought it was worth adding. By the way, if anyone knows the Battle of Franklin details about this flag could they share them here or in an e-mail to me?