So yes, you could flip a coin 256 times and copy down the results into a 256 bit number and as long as your number is less than the (prime) number p shown above it is a valid private key.
A coin is a really bad source of entropy though.
You're suggesting that a typical coin is not "fair" and will tend to land on one side more often than the other?
I would think there would be enough events adding entropy to the action (flip rotation speed, flip initial height, maximum height, resting height, air flow around the coin, initial side up, axis of rotation, horizontal velocity, etc) that the bias in the coin would have to be pretty significant to have a discernible effect in 256 trials.
Is there a better source of entropy available to the average person that could be used to mechanically generate a private key?