My dad used to do that when I was a kid, but you don't see it much any more. Today it's used mostly to say "Please move over, I'm going faster than you."
That brings on a whole different problem with today's traffic, though, asking them to give way. Of course in today's cruise-control wars, nobody will. Most people don't even realize that the cruise control is not a lock; you can press the pedal and go a little faster to get out of the way, and the system will go back to your set speed afterwards. All by itself. Really!
Everybody's heard "Slower traffic keep right" but nobody thinks it means them. "I'm doing 5 over, so I'm not slow!" Well, it didn't say slow traffic, it said slower traffic, and if someone caught you from behind, then you're slower. Duh. It's not personal, it doesn't make you less of a human being, and it's not a reflection on your heritage or upbringing, nor does it call on anything to prove something to everyone else. If they caught you, move over and let them by. It ain't that big a deal! Really! They drive off, and you never see them again. Nobody thinks badly of you for it. You didn't lose, and it's not your job to "enforce" the speed limit and show everyone else how to be safe. If you're such a damn safe driver, why are your lights off when it's raining? (Idiot!)
But if you come up behind someone not paying attention, you should give a couple quick flashes to wake them up. Most people see it as a rude thing, like who the &$*@ does he think he is??!?!? It's not like that at all, but selfish drivers thinking of nothing but themselves and their makeup and their cheezburgers think you don't have the right to ask someone who's holding you up to please move over and let you pass. What does it hurt them, anyway?
BTW, doing the speed limit, or more, does not entitle you the "fast" lane. There's no such thing as a "fast" lane. On rural multi-lane, stay right except to pass. Simple. Easy rule. If you're camped in the left lane you're an obstacle. It's more dangerous to pass on the right than on the left, because the other driver's blind spot is larger. And again, you don't have anything to prove by being on the "fast" side. Lane changing is not dangerous, you don't have to pick a lane and stay there. (I've heard that as an excuse.)
Sorry, didn't mean to rant, but lane etiquette is perhaps the worst facet of driving in America these days, simply because it doesn't exist, and there's no reason for it other than poor (i.e. non-existant) training.
So, do you flash your lights when passing on a 2-lane? No, I don't think you should. Nor should you beep the horn. They used to do that, too. Again, nowadays it's deemed rude.