Take a look at the various articles entitled "The Top", that Mike Focke has posted on his website, here: [
sites.google.com]
It will take some time, but you should find a few photos that will help you, possibly starting at the article that is entitled "CONVERTIBLE TOP EDGE DOES NOT FALL INTO GUIDE CHANNEL
WHEN CLOSING THE TOP DIY" when you click on the link for that article.
In your 2003, your "flapping" may be caused by either one or more of the elastic bands that are attached at various points on the inside of the top canvas simply stretching and not retaining their elasticity. The "looped string" that runs from left to right near the center (front to back) of the convertible top comes to mind, as it has an elastic band holding the two visible "shoe laces" ends together.
There is also a recurring problem with the LARGE elastic bands that run vertically just to the outboard sides of the vinyl window on early 986's (not 100% sure about this on your OEM glass-windowed canvas). Those bands lose their elasticity early on, and I believe one of their functions was to pull in the canvas so as to "force it" to fold correctly. This might even be the solution to the mandatory "Karate Chop" on the early Boxster ('97 to '02) tops.
Finally, if you look at the original DIY written by Fred Adler, and disseminated by Chris in NH (also posted by Mike Focke on the above-linked site on "Replacing the Top, a DIY) , you will find a photo and more that discusses the "letting go" of a clip (Stainless Steel would have been nice for this little clip
that holds the top of the canvas top down onto one of the three main bows (center one in this instance) by means of a plastic left to right black plastic piece. The glue joint between that plastic piece and the underside of the canvas lets go and you get that "flapping at speed" that you are complaining about. IIRC, Pedro had posted one of his typically practical fixes for this exact problem as well. Do a search in the PPBB archives about three or four years ago, looking through "Pedro" posts and you should find it. If I run across it, I'll post the link here.
Good luck, and please let us know how you make out...
Regards, Maurice.