So if a Banner carrier is engaged in combat, is the banner still effective?

If so, priority would be ever so important. Theoretically if the owner of the banner had priority, he would resolve that combat last. If opponent had priority he would resolve that combat first in hopes of killing banner and losing the banner effect in the surrounding combats.

Is this accurate?

Yes; and yes, good tactical insight.

Bang on WF, also its enough to make or break a game sometimes.

I LOVE the subtle tactics built into the SBG system.

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Wait ye the finish! The fight is not yours.
Beowulf

http://TacticsInMiniature.com

Creates a challenge, keeps one mentally on ones toes!