You don't know Hogan and Flair then. If you think Ric is gunna bump light, and Hogan is gunna try some stupid move in the middle of the match that Flair is going to have to allow so as not to botch the match then you don't understand. The lower the workrate of the opponent the harder the match if you care about how the match goes over.
Now if Flair is just going to cash a check and go home I could see this being the scenario. But from any report I've ever read he goes %100 no matter the size of the crowd. Maybe he's changed but I doubt it.
Plus, with the animosity their has always been between them, no way is Flair gonna let Hogan walk all over him with his "hulking up" routine anyway.
Unlike WCW or WWE, this is a one off indy show, so he wont have to answer to anyone if he refuses to do some of the shit thats asked of him.
Flair will give the match his all, and he will make Hogan look good if possible, but he will not do it at his own expense.