Obviously not. Carmine Infantino's design for The Flash works perfect for the Scarlet Speedster (although I have to admit I like the original Jay Garrick costume a little more and I think Captain Marvel was a big influence on the design of Barry's outfit). In fact, in some ways Jim Lee's changes to the Flash costume are an even greater sin than the changes to the Superman costume, because they interfere with the whole design sense of Infantino's version.
There's very simple detail in the Infantino design and it makes The Flash look light on the page--advancing the whole notion of his speed. If there were more articles of clothing added to Barry's design it would slow down the image. With Lee's added clutter on the costume it slows down The Flash on the page (and of course other artists have to strip away those details--as they usually do). Again adding to my sense that Lee is a terrible costume designer. There's not one costume I've seen him improve thusfar--and most designs have been altered and simplified when the assigned artists got hold of them.
And the movement of the Flash is forward. The movement of Superman is up, up, and away. Perfectly exemplified in the up, up, and away colours on his costume.
Keith Giffen already commented at length on this and why the seemingly small changes in Superman's costume change how an artist has to draw Superman. I think that comment was on the forum somewhere. If not I'll try to look around to see if I can find it, because I thought he said it much better than I could.
Fans and pros have spent the last 70+ years talking about superhero costumes. I don't know what that says about the comic book community, but clearly for most people costumes are not a non-issue. In many cases costumes are the central issue. If you don't think costumes matter fine--but I think you're going to have an uphill battle trying to bring other comic book fans around to that opinion.