I have been researching with a Louisiana University that does indeed have remnants of the "Consoldated" Crescent flag. Although I have not seen them in person they were kind enough to send me drawings of the pieces. There are 3 pieces, each seemingly a small replica of individual flags. I believe they are probably small versions of the three units that eventually comprised the Consolidated (the original Crescent, the 11th Battalion, and the 12th Battalion). But that is just speculation as I have not been able to find pictures of any of those three original flags.
I agree with you that it would be a great idea to have those pieces professionally conserved. As I understand it they are now just in a envelope in the collection.
I am working toward compiling a history of the Crescent and its component units now. If you would be so kind as to forward my email address to your client in the event that she would care to contribute information to this end I would appreciate it greatly.