I like this idea rossco, part from the star and the gradient in the blue, being Icelandic I can maby explain to you that it is not allowed to use the cross flag or the symbols from the coad of arms in logos or for commercial use of any kind, that is why you only see ribbon in blue and the stripes in white and red in the present logo, not like in Swedish, Norwegian or the Finish logos where they use the cross flag for their Crest. To day it states in the law of KSÍ that the Iceland crest should be in the flag colours, the ribbon and the ball that was in the law of KSÍ was dropped from it last February. So it is left free to come up with any crest idea as long as it is in the flag colors, the color code can be found on wikipedia. But nice idea over all.