Ian,
I like your idea, but would need to do a different shirt, perhaps in feet (3 feet instead of 1 meter) but also with the arrow pointed in the other direction in order to use it in the USA. Great idea though.
I am 63 yoa, and am flying an American flag on my Rans Stratus recumbent. I did some tests and found that drivers passed me further away (about a meter further) with the American flag instead of the orange diamond that recumbent riders usually fly. It seems that the type of drivers who would potentially decide to "clip" or get close to a cyclist tend to be ones who will give the American flag more space. I don't know if it works in other nations, but I've found it works here.
By the way, welcome here, and hope you enjoy good riding.
John