I'm looking for a mid grey flannel myself and this would be perfect if not for the slanted pockets on the jacket, seems to be an english thing. I've had a few MTM suits with those pockets over the years and I end up hating them after a few months. Could wear the trousers seperate easy not sure about the jacket though. There are some nice fabrics in there though for fairly cheap.
Hey Jason, there's always this: http://www.adult-size-school-uniform.com/acatalog/Blazers_In_Traditional_100__Wool_Flannel__Boys___Girls_.html