Just FYI I put up a CTF with flag passing several months ago if anyone wants to try it. It uses the same physics as shooting, and the flag bounces off walls. I agree that it's pointless/bad as a game play mechanic though, but can be fun if you're not playing srs.
Use brake to shoot it just like normal. I hard coded in all the related values because I was lazy.
The name of the server is Somniac's CTF w/ Flag Pass though if you want to check it out.