It looks fine as far as I can tell. It is hard to tell for sure, even with your good, close-up pictures. Yes, you leave the flap folded as it wants to lie. Don't roll it, just keep it folded over.
If we're talking about the right ear, wrap counter clockwise....from the middle of the head around the back of the ear and continue around to the front. And the left ear, clockwise. That way, that fold stays in place.
Make absolutely sure that the tape isn't too tight, but just enough to hold things steady. Make sure the post remains in the well of the ear and it never pops out. Yes, it does need to be stablized by having it wrapped from the bottom up and the whole ear snug against the post. My paranoia was always that I didn't have it wrapped too tightly.
I did use vet wrap which isn't so sticky so there was no pain of pulled hairs when changing posts. I used paper tape underneath. Caution: The vet wrap, before I put it on was cut lengthwise so it wasn't so wide and I stretched the livin' daylights out of it first, then wrapped with NO tension at all. About 1/2 hour later, I'd unwrap a little bit to make absolutely sure it wasn't tight because that stuff can tighten up as it sits. If any moisture got on his ears at all, I'd also re-check. Pulling that super sticky tape off can really be miserable so I recommend paper tape under that tape at least. I never used a brace at all. It's just not necessary. And in your dog's case, where his ears are leaning in toward each other, I'd not want to encourage that direction. Lyric's ears stand up nice and straight. If you make weird noises several times a day, and make him move his ears, I think that makes the base where the muscles move the ears stronger if they need to stand straighter.