Most of the pictures I have seen depict the "Eagle" with its wings above it and encircled by a wreath, or semi folded by its sides. If you made the second position, it would also be suitable for French Napoleonic troops!
Cobi do make quite a nice Roman standard in their range.
There were many other types of Roman Standards including Wolves, A Hand, A Capricorn, Bull and also Vexillae, like flags but hanging down from a crossbar. Many of these included awards or decorations down the staff to commemorate heroic actions.
In later years small statues of the Emperor were carried either full body or just Head and shoulders. Mounted on a pole and carried by an officer called an "Imaginifer".
It is also worth noting that Roman Standard Bearers, Aquilifer, Signifer etc. were popular men. They ran their unit "bank accounts" and the fund known as the "Burial Club". So if they were kiled or captured, the whole unit might suffer financial distress!