For me, using the #32 rubber band. I can set it tight enough where a 3oz weight will not pull the flag down. Or light enough using a 1/4oz weight/harness, one small weed will pull the flag down. BUT, with the setting that light, every wave will pull the flag mostly down, then come right back up. So you still have to be watching when'how the flag is going down.
Flag wire or looped over the flag both work. Since you can use braid/crimps as your connection from the flag to the rear clip and not use wire if you'd like. Works just as well. Then you have to loop the flag.