You could try that but I don't know how it would work. It's a bit large to be squished onto anything short of a banner. But that might just be the scaredynewb in me talking. That said, it does look really good.
The drawing itself is very nice, but, as you say, that's definitely more of a dragon than a serpent. Perhaps if you gave it more of a snake's head it could certainly pass for a basilisk. Which, in turn, would be very appropriate to denote seniority!