In the very old days, guys with VW beetles would flash headlights. Miata guys would wave, or make the headlights flip up/down. In the really old days people would sometimes even pull over to talk.
I would agree that nowadays if you flash, people will think that you are alerting them to something they need to slow down for. I flash a lot for that.
When I would drive my 928, I always thought that 911s wouldn't flash because I didn't have a 911. Now I realize that people just don't like me.
That doesn't stop me if I feel like flashing or waving.

Every once in a while, you may make someones day.