Will an ordinary flat screen monitor work on this card?
I take your, "ordinary flat screen monitor", to be an LCD based monitor. They do VGA. I've never seen one that handles the earlier standards (that doesn't mean that they don't exist). If your Hercules card is outputting VGA, then the answer is "probably".
I think I've ID it. I set the dip switches on the 5150 board for an EGA/VGA card and the POST beep beeps and accesses the floppy drives.
You can't take that alone to mean that your card is either EGA or VGA. The "EGA/VGA" setting really means, "Any video card that has an on-board BIOS expansion ROM". EGA and VGA cards are the common examples of those kinds of video cards.
Following is kind of a summary of the video switch settings on a 5150 motherboard:
Set to MDA:
5150 motherboard expects an MDA card (or MDA compatible card) to be present. During the POST, the BIOS will look for this and then initialise it.
If the motherboard doesn't find an MDA card, the motherboard will issue a beep pattern of 1 long then 2 short.
If the motherboard finds an MDA card, but has a problem when testing/initialising it, the motherboard will issue a beep pattern of 1 long then 2 short.
Set to CGA:
Per the MDA setting, except that a CGA card is expected.
Set to EGA/VGA (sometimes referred to as "special"):
This setting informs the motherboard not to do anything, video card wise, because a video card is present that has an on-board BIOS expansion ROM. The ROM on that video card is going to do everything, including initialisation of the card.
Only the third revision of the 5150 BIOS recognises this setting.