Not exactly. You need proper 3d objects: banner, pole, flag made explicitly for the faction (you can copy one) and made in max since copying meshes in FFE is nigh impossible, you need to add the vis_anim information to avoid overlapping of several objects at once (you want to be visible that of the race you choose).
Then each object has a proper texture which its own path, which can have the name you prefer (some inherit the original name that Relic gave from the copied model, others not). Indeed the most important is the path and the concordance with the name in the models which will plant this flag. The thing is that when you make copies of the same object for different factions you can easily forgot which ones are already done or not unless a) you rename the texture in the material list or b) you make a different default texture that is visually indicative of the faction you're doing (and therefore, the name, even shared, cannot lead to confusion). I'm doing more the second approach, a personalized texture for each material for each race banner and the name can be shared or not. Notice that this texture isn't going to appear as long as the race has the wtp to get the "X_default_banner" layer so that it can be made almost carelessly.
Once this is made, you export and get the sgm (or ebps?) to be opened in the OE. There is where you replicate the same structure for many races and link the newer races names.
I'm a bit delayed as I tried to understand the material assignment (there are some oddities the way the importer orders the materials) and how to add some extra bits for some banners. Of course, I could do several copies of the same banners without any customization to speed up the process but at this point I think I can invest it a little more time. Also RL is delaying me a bit extra.
Edited by Roderick, 15 March 2018 - 04:31 PM.