Sure! Just create 8 models or however many flags there are. Then, specify the paths. We overlay the entire standard dwarf model, then erase the mammoth and the hero, or even better, disable their meshes in the geometry. All that remains is the flag, and that's it... To simplify the task, do this only for the LOD files. Why would you need a flag in battle anyway?
Hmm, so in the end, a blank standard hero model will be used because you can't specify the paths, or rather, you can, BUT the program doesn't understand what's specified there, because the guys at Nival didn't finish that handler!

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Неудачное планирование ведёт к неудаче ...
NCF - мод, добавляющий дополнительных существ в HeroesV 3.1