Flying Fox was a member of the Young All-Stars, a Teen Titans type of team during world war two. If memory serves, Flyng Fox was meant to be a replacements for the Earth-2 version of Batman as the latter's continuity was erased following Crisis on Infinite Earths (for you younger readers, DC seems to LOVE blowing up and rewriting its own history until they invariably realise they've only confused things further, try again, lather, rinse, repeat).
Read Fox's background for yourself from page 5 of issue four of the book below (you may need to click on the image below and save it for it to be large enough to read).
A far more detailed version of his origin is provided in #20.
Aside from the obvious ability to fly and to wear a fur diaper, he also had illusion-based powers (invisibility, blinding flash, that sort of thing), wind control and heightened senses. He had very few appearances outside of the Young All-Stars series.
Could he be used in series based in the present? One of his descendants certainly could be. A portion of Flying Fox's abilities came from the fur cloak he wore. It would simply have been passed down a couple of generations and blammo, you've got your mystical native stereotype covered.
Up next, we get our obligatory "brick".