Yes, the same ship that was turned back at Fort Sumter and captured by Van Dorn in Texas ended up being sunk in the river in front of Fort Pemberton to stop the Union Navy from proceeding to the Yazoo.
I also found some excellent pictures of Fort Pemberton. (There are also many good links on this page.)
The flag is on display in a cool local museum - The Museum of the Mississippi Delta.
They have a nice model of the Fort Pemberton in the museum too. You can see the Star of the West before it is sunk to block the river at the top portion of the photo on the river.
Of course, the whole reason for the need for this defensive activity was the Brown Water Navy and the decisive Eads ironclads. What a joy to be able to see the Cairo again and get this photo with the man who found and raised it - Ed Bearss.
This is all inspiration for some naval gaming and just in time for 2 new ACW naval games from GMT.