My proposed approach is a little more automated. The mods don't have to find and remove flagging rights individually, they just unflag a post and instantly all the users who had flagged it lose some credibility for future flags.

EDIT: The "flagging trustworthiness" could even help mods to find posts which might need to be unflagged quicker based on the average trustworthiness of the flags.

But unfortunately that could lead to a chilling effect on flagging deserving content. I like having dang and other moderators involved as the final say to reverse a decision if it's necessary. I am pretty conservative with my own flagging and vouching (I've vouched precisely once and it was a comment I strongly disagreed with but was clearly made in good faith and added to the discussion) and I believe that other folks are as well. Since the system mostly works and since social media upvoting algorithms are so insanely complicated to balance well I think it's fair to avoid rocking the boat.

I don’t think so. I’d still be able to flag, just my flags would count for less. And not make that discount visible to me.

Wait, flags are only meant to be used for bad things? I've been using them for “title is bad, pls change” requests. (Oops.)

Fortunately you can see everything you've flagged at /flagged?id=username; I corrected my flagging.

i would like an option in the settings to disable/enable my ability to flag content. On mobile, I have accidentally flagged things and recall it being challenging to hit the button to unflag.

Yeah, about 80% of my flags on the homepage are precisely this.

Or just remove the link from the list view. (Only show the flag link when viewing a particular story.)

(I've also done that by mistake like four times.)