Jim, you draw us further down an interesting (to me, anyway) path, and while we are idling along, waiting for a new trivia question by cruichin, I'd like to dawdle with this issue of U.S. battle stars.
First, your articles were specifically NOT what I meant by U.S.Navy battle stars. Those articles you provided were talking about the counterpart of the Army's streamers, and are pretty much Not Applicable for the Navy, since ships don't keep a "personal" flag, like a regiment's flag. Maybe something ceremonial for the quarterdeck for display at a change of command, but... The article was referring to campaign awards, similar to those that a military member (sailor, soldier, etc) receives for "being there", or commendation awards. These are the very same ones that are represented on the ship's bridge wing, in just the correct order that a sailor would wear them.
The wikipedia article was also referenced from another one here http://en.wikipedia.org/wiki/Battle_stars, which is also full of distracting stuff that is not related to a ship's battle stars. And the best discussion I have seen of the battle stars is on the discussion page (http://en.wikipedia.org/wiki/Talk:Service_star) for that article, where several folks also expound that there are a couple of subject areas being confused in the main article. Not my favorite authoritative reference.
However, the tail end of the main article says that the battle stars were first authorized in 1942, and that does make some sense. Poke through the "Dictionary of American Naval Fighting Ships" (DANFS)and look at old battleships like USS Texas who participated in an action off Mexico in 1914, then convoy duty and a short fleet action in WWI, then in WWII.
"Texas (BB-35) earned five battle stars during World War II." period.
Or look at the cruiser Olympia. No reference to battle stars at all.
So I believe we started this "tradition" pretty late, and can't come close to comparing with the Royal Navy with a given name geing re-used honorably over hundreds of years.
Otherwise, we could show proper honors for the first Wasp and two battle stars for CV-7, the eighth ship of the name and eight battle stars for CV-18, the ninth of the name. (aha - there's my example - several carrier names were re-used, and their battle stars did not accumulate)