I suppose one could drift with a weighted flag (I guess that's common in Florida). We don't do it up here. The boats do an extremely good job of keeping track of bubbles, and our surface conditions (when it is fit to dive at all) are generally smooth enough to make that possible.
I was thinking more along the lines of a large ball (buoy). We've done live drops on wrecks using this system when there is too much current to really anchor in. The shot line is dropped on the wreck, team is live dropped, secures the line, does their dive, then heads back to the line. Last team clears the hook and the teams drift with the line doing deco. If anyone gets blown off the shot line, they shoot their own bags.
Instead of an anchor, you could use a large buoy with a 5lb weight on it and set the line at planned depth. Just kind of let it drift with you along the wall in the current, just guiding it enough to keep it away from things. At the end of the dive, you have a reference to surface, the boat should be close by and has a good idea of the direction and speed of the drift for the whole dive.