So far as I know this flag was indeed at Peachtree Creek. The 37th Mississippi, part of Cantey's/O'Neals' Brigade, stepped off the heights above Howell Mill Road where that crosses I-75 today and headed to the right of Mt. Zion Church towards Collier Road where it intersects with Northside Drive (which was not there during the time of the battle). There is a deep ravine, still there, that stopped most of the CS attacks in this area.
I grew up in Atlanta and know these fields very well. The heights where O'Neal's Brigade began was developed years ago as a hotel and is now a shopping mall. There is a place on this high ground above where I-75 and I-85 connect before heading downtown that you can stand and see the Peachtree Creek Valley and get a great eyeful of the field today.
Greg Biggs