Currently (1.9.3) there are 4 available flag positions:
Behind Name, Left, Right, Default
I'd suggest a fifth member: As a hovering tooltip.
For if ppl don't want to see the flags all the time. :D

Btw, on a completely seperate note, in ModMenu the order of options on the hovering tooltip of Flag Position: is shown as
default, left, right, behindName
but it cycles through
Behind Name, Left, Right, Default
And it starts with Behind Name, making the Default not technically the Default
Just a little cleanup would make it prettier <3

I added two new settings: Tooltip (Server Name), which shows the location when hovering over the server name and Tooltip (Ping), which adds the location to the ping tooltip, in the latest 1.10.0 update. I don't display flags inside the tooltip as I couldn't get it to work reliably, but this is a plan for sometime in the future :)

Thanks for the suggestion! I like this idea a lot and I will look into adding it some time in the future!