I'd think that many would find it strange to have the equates precede the field 
definition.
If you must use "*" for the equate, that is appropriate.

Or, you might choose an approach such as one of the following:
F1       DS    B
F1B0     EQU   F1,X'80'
F1B1     EQU   *-1,X'40'
F1B2     EQU   *-L'F1,X'20'

Peter Relson
z/OS Core Technology Design

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