I didn't read your whole post, but here's how to game the idea of flow as valuation metric:

Say there's a company, Hack Money Inc.

Hack Money Inc. has two subsidiaries, Hacker Company A and Hacker Company B, each supposedly selling some service.

HCA and HCB buy and sell each other's 'service'....infinitely, under the corporate umbrella of Hack Money Inc., so that Hack Money Inc. never realizes a loss in its capital.  But all the while driving the value of its currency upward.

In other words, if currency was valued by 'flow,' you'd see millions of these ghost companies doing 'business' with themselves and able to make a killing by doing/offering nothing of value.