That's really strange, because looking at it in GIMP it's precisely centered: 124 pixels from the top and bottom of the emblem to both ends of the banner. The image size is also done using your template this time, 132x340. Maybe there's something screwy with the process that places it on the shield? You never had any issues like this with the Shogunate banner?
Edit: I just took a look at the DRZ banner, and in fact their circle is ten pixels further from the top than it is from the bottom. That must be the way to do it, then; IIRC theirs is pretty much centered on their cav shields.
Edit2: we might still have some changes coming, but for now here's the height-corrected version so we can see how that looks.
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