The other side of the coin to that is that I went to a Catholic School, suffered none of the abuse you mentioned (there were a handful of muslims there too) and your right to your religious views were totally respected.
If they are studying the historical and literary importance of the document then I believe it has value. After all, no one would complain if the same amount of money was spent distributing Pepy's diary for instance.
Well at least we have finally got an answer. Not sure why they didn't jus say this weeks ago and saved a lot of bother. I hope they can use the flag at away games.