Do any Diablo 2 modders (or anyone for that matter) know if anything can be done with the Standard of Heroes?

Standard of heroes? What is that? (Sorry, I've only modded 1.10)

If it's an item - yeah, most likely.

The item dropped by the end of "Pandemonium" (AKA The Uber Bosses), it's said to be merely a trophy but Blizzard has hinted to it meaning more. I suspected experienced modders in D2 would be able to find out what it does.

dunno, might want to check out phrozen keep

It does nothing. Speaking as a modder, as a trivia-collector, and as someone with a bit of common sense.
If it had any purpose that could be found in the client copies of Diablo II, it'd have spread by now. Considering how much of the Pandemonium Event is kept only on the B.Net servers ( the closest we can come to fighting Ubers in singleplayer is PlugY's version, which is horrendously gimped - the bosses don't summon and have their normal AIs ) , there is some vague possibility of a function in it... but if there is any, modders would be less likely to find it than anyone, as they, speaking in general, are few and don't play on the realms so much.
Blizzard has also mentioned that they had planned on making display cases for people to put SoH's in, a feature that never made inclusion - some hints of this can be found in the *.mpq files, I forget where.
As of now, however, it's just like the Battle.net gem - which, to paraphrase, "is functioning perfectly": by confusing people.

I have a Standard of Heros right now on USEast Non-ladder...

I would try to trade it then, some noobs will trade quality gear for it. Otherwise, it's just an oversized ear.

It does absolutly nothing.. it's only a "trophy" you get while killing ubers.

Maybe in later patches they'll add something to it, but right now it does nothing.