You ask the right questions to realize that the claim in your Summary is wrong.
Ad (1): In non-relativistic quantum mechanics you can describe a pure state by a wave function. In your case of a spin-1/2 particle it is a socalled Pauli spinor, which is a function ##\psi(t,\vec{x}) \in \mathbb{C}^2##. It is characterized by its behavior under rotations. The rotation means you change the position vector ##\vec{x}## to ##\vec{x}' = \hat{R}_{\vec{n}}(\phi) \vec{x}##, where ##\hat{R}_{\vec{n}}(\phi)## is an SO(3) matrix (i.e., a ##3 \times 3## real matrix that is orthogonal, i.e., for which ##\hat{R}^{\text{T}}=\hat{R}^{-1}## and with ##\mathrm{det} \hat{R}=1##), that describes a rotation around an axis with direction ##\vec{n}## by an angle ##\phi## (according to the right-hand rule as usual).
Now a Pauli spinor also changes under rotations with a unitary matrix given by
$$\hat{U}_{\vec{n}}(\phi)=\exp(\mathrm{i} \phi \vec{n} \cdot \hat{\vec{\sigma}}/2),$$
i.e., under a rotation the Pauli-spinor valued wave function transforms as a spinor field,
$$\psi(t,\vec{x}) \rightarrow \psi'(t,\vec{x}') = \hat{U}_{\vec{n}}(\phi) \psi(t,\vec{x}) = \hat{U}_{\vec{n}} \psi(t,\hat{R}_{\vec{n}}(\phi)^{-1} \vec{x}').$$
Now it is indeed true that for any ##\vec{n}##
$$\hat{U}_{\vec{n}}(\phi=2 \pi)=-\hat{1},$$
i.e., the wave function changes its sign when you apply a rotation by ##2 \pi## on it, but now saying "the wave function represents a (pure) quantum state" is too sloppy! Everything physical you describe with the state does not change when you multiply the wave function by a phase factor. This means a quantum state is described uniquely by the wave function modulo a phase factor, and this implies that the state does not change under rotations by an angle of ##2 \pi##, because the wave function is only changed by a factor of ##(-1)##, i.e., a phase factor ##-1=\exp(\mathrm{i} \pi)##.
Ad 2): What one means by "spin flip" is that if you have a particle prepared at time ##t=0## with the spin component ##s_z## pointing "up" (having eigenvalue ##+\hbar/2##), i.e., in a state described by a spinor of the form ##\psi=(\psi_{1/2},0)## and the particle is interacting, e.g., with a magnetic field (not in ##z## direction), then there is some probability that when measuring ##s_z## you get ##-\hbar/2##. The change of the spin state is indeed described by a rotation for the spinor-wave function due to the Hamiltonian
$$\hat{H}=-\frac{g q}{2mc} \vec{B} \cdot \hat{\vec{s}}=-\frac{g q}{2 mc} \vec{B} \cdot \frac{\hbar}{2} \hat{\vec{\sigma}}.$$
A spin flip does not necessarily mean that the spinor underwent a rotation by ##2 \pi##.