I read your thread with great interest. Especially since one of you mentioned James Peyton Britton, my 2nd gr-grandfather, as carrying the flag off the field wrapped around his arms. I doubt if this was true. It could have been a flag, but probably not the Regimental flag. My cousin seems to embellish family history to include that biography on James Peyton Britton.
In the book "Gettysburg July 1" by author David G. Martin, he states, page 234, "A fourth flag, that of the 5th North Carolina, was captured by Captain Erastus Clark of Company A, 12th Massachusetts. Clark for some reason never turned in his captured prize, but kept it with him until the end of his days. The flag was actually found on his body when he died in a strange knife duel in Louisiana in 1911."