Mike, you are probably correct that a book like this may never be fully complete. There are just so many variations out there, and when you think you've seen 'em all, another inevitably turns up.
But the time and effort you put into this will pay huge dividends, and will help both collectors and dealers immensely. This will serve as a great resource to anyone who collects vintage pennants (or is interested in getting started).
It will generate new interest, and besides serving as a price/rarity guide, it will provide exposure for many pennants the general public has never seen before. This all-encompassing Guide will show off the amazing and intricate artistry of pennants from the early 20th Century as well as all teams' logo/design changes throughout the years.
A guide like this was long overdue, and many congrats to you for finally getting it out there. To Mike H's point earlier, this book will serve to catalogue the quintessential baseball souvenir... the pennant!
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