The first bunting flag carried by the 17th was captured by the 2nd New York Infantry on the 30th of June 1862 at the battle of Charles City Cross Roads (Glendale). The battle flag was in the care of the U.D.C. in Alexandria, VA.in 1998. If it was the same flag at the cheering incident on the way to Sharpsburg in September of 62, then the flag was being carried by the 2nd New York Infantry. Since the 17th received a 2nd bunting Richmond Depot issue in July of 62, I suspect it was that flag the group was cheering on. That would give some evidence that the 2nd issue had the same honors as the first issue. Since that flag is missing, its only a guess on my part. The next battle flag was a 3rd bunting Richmond issue, probably the last, only had the unit designation paint in white on it. The flag itself has not been located but a turn of the century photo of the 17th veterans does survive some were, the picture I saw in 1999 was sold at the gun show in Richmond that year. The design, materials and dimensions are the same as some of the VA. flags that do survive, those do not have honors on them, just unit designation.
I think Howard Maduas had a copy of the photo, not sure. You might try some local historical societies near were the 17th was formed or companies raised, check with a local U.D.C group or the museum in Richmond. You might get lucky and find some reunion pictures with the flag. I hope this helps.