Good explanation Ian and as Stephen, Mark R and I were talking, there are a few improvements they could make during the driver's meeting. One of which is to explain what to do during each type of flag, where to exit, passing zones and point by's.
Green Flag - Go
Yellow Flag - ok, this one IS confusing. As you approach ANY flagstand, you should always check to see if a flag is displayed. IF a Yellow is displayed, you should slow down until you see the next flagstand. If the next one is Green, you can resume track speed. If IT is Yellow, then, more than likely, it's a full course Yellow which can be confirmed at the next flagstand. Bottom line, pay attention to each flagstand, they are there to keep you and the other drivers safe. I feel they didn't do a great job, they did do an adequate job.
Red Flag - This one means come to a complete stop as quickly and safely as possible to the LEFT side of the track usually and near a flagstand if possible. Point is, stop wherever you are until the flagstand turns Yellow for you to proceed.
Black Flag - This means you have a problem and you need to get to the pits at the next available opportunity. Typically, if you pass the first flagstand that displayed the black flag twice the event organizers will remove that driver from the course...maybe a session or the rest of the day, up to them.
Blue Flag, sometimes has yellow stripe - There's a race and you aren't in it. Check your mirrors because someone faster than you is behind you and should be allowed to pass.
Checkered Flag - You're done and you are now on a cool down lap. I saw several make another lap AFTER getting the checkered. Rule is, once you take the checkered, slow to a safe speed preferably not by turn 1 or 2. You should be at a speed so as you don't have to use your brakes by Turn 3, no later than 4. This way, you can ride the rest of the track all the way to the pits WITHOUT touching your brakes to cool them and enter the pit lane at the first opportunity.
Point bye's/passing - I saw from a few people in our group as well as others, point bye's given in non passing zones like the entry to turn 1. NO one is allowed to pass there, but I saw it. I also saw faster cars being held up by slower cars just because the front car could beat them down the straight. Problem is, once they entered the interior portion of the course, the faster car had to ride behind the front car for several turns. In the end, just let them go, follow them if you can, you may learn something and, if you are indeed faster by turn 3 or 4 you will know and can pass them back. A car directly behind you and on your rear that pulls out IN passing zones, needs by plain and simple. It's a responsibility of BOTH drivers to make it known.
Horns/pointing/gesturing - It is my opinion that none of these should be done ON track. The corner workers and flagstands have that responsibility. In your case Ian, had I been working the flagstand, I would have thrown a black flag at you first, and if you came back by, a RED flag to make you stop where you were safely. So, there was some issues with the flagstands you passed as well.
Never EVER get out of your car on a hot track unless on fire or if a corner worker/flagstand worker instructs you to do so. Had your issue been so serious as a danger to yourself and others, a RED flag would have been thrown.
Please take this as info to learn from, not criticizing. I made a few of the same mistakes when I first started as well, so, don't take it personally that anyone is being picked on. Just things I noticed and things that Ryan with MFTCC didn't exactly cover during the driver's meeting.
I'm glad all the newbies had fun as that was the exact purpose. And, it's the reason I've had more fun with road course days than any AutoCross day. Difference is cost obviously.
Oh, and Mark P, I was riding with Tony when Rich started picking up cones. He handled it like a pro
Rich, says he didn't turn a 360, but he did do twelve 30's
There are spots open for their next event if you are interested!
Result of not having much Cobra seat time yet this year!! 
