1. A flag that is Red w/ Diagonal white stripe / top left to bottom right = Diver Down..USA..we can make a logical jump that the diver/s are using AIR
How do you consider that jump logical? Just because the flag existed long before Nitrox? You have the same requirement to display the flag regardless of the gas or type of diving you are doing. I haven't checked but it may very well be required for free divers. And it certainly applies to rebreather divers. Who knows what they are breathing? It is intended to warn boaters that a diver may surface. Hopefully quite close to the flag.
In that regard, it is no different than the flag used for water skiing. When the skier is in the water (as opposed to actually skiing), there is a requirement for someone on the boat to hold up a red flag.
2. A flag that is blue-and-white swallow-tailed = the International Code of Signals has established it to mean: "I have a diver down; keep well clear at slow speed." once more we can make the logical jump that since it is international gas type is irrelevant.
That isn't a logical leap either!
ColRegs - The Rules of the Road - International Regulations for Avoiding Collisions at Sea has a parallel document called Inland Rules. If you look at the book, the pages are printed facing each other so you can clearly see the differences. Inernational on the left page, Inland on the right page. If you look at nautical charts, there will be a line at harbor entrances that indicate when to use Inland Rules These are called ColRegs Demarcation Lines.
ColRegs (Inland Rules) applies to all navigable waters. Essentially, those waters that are patrolled by the Coast Guard.
ColRegs specifies the use of the Alpha Flag It signifies that the
vessel is restricted in its ability to maneuver. It does not mean that the diver is in the water, it doesn't have to be posted within proximity to the diver. It simply means the boat is claiming that certain restrictions exist and that it can not be expected to give way to another vessel.
This is all spelled out in Rule 27 for both International and Inland Rules See PDF page 106-107 here:
http://www.navcen.uscg.gov/mwv/mwv_files/NR_Files/navrules.pdf
Neither set of rules mentions a red/white diver down flag because that is strictly a local matter.
There is no recognition outside of an LDS for a green/yellow flag. The red/white flag, its size and proximity to the diver's position is a matter of law.
Richard