Thanks for the kind words, @bendjmiller222
Anyone can flag. The more steem power you have, the more monetary damage your flag will do. Only those with a higher reputation can affect your reputation score. I'm not sure if you recover the little bit of lost voting power if you remove your flag but I don't think it really matters because it's a fairly small amount anyway.
I definitely have my own ideas about how the voting/flagging system can be improved and I'll be making a video about it tomorrow. :)