hmm… so one question comes up: is the skm_flag inside a BP_actor?
the other is i am not an expert in this cloth simulation on meshes. I could imagine if it bases on a skeletal mesh, this skeletal mesh can have sockets which would move with the skeletal mesh (but maybe not with cloth simulation on top of it).
what you can do if your skm_flag and the thing you want to attache is in one actor: use a cable mesh with physics to attach some thing that is swinging on it.