Quick question: why? Why not choose to host a server in the US, near it’s “costumer base”?
If you’re doing it for the exercise, fine (though I think you’ll find that cloud flare is pretty hands-off and you basically just click a few buttons).
If you’re genuinely looking to improve cross-planet load times, I regret to inform you that a personal Lemmy instance is very much not a good target for this. A CDN works by hosting whatever parts of your site you can nearer to the people who will request them. For a huge company like discord, this means that when you upload an image to a server, they will sum up all users likely to load that image soon, find where they are and send a copy of that image nearby, saving on intercontinental traffic. They get to do this because they have many users, and they control the CDN (because they built it).
You on the other hand, are going to ask cloud flare nicely to do all of this for you. Since you aren’t paying, cloud flare is going to try to do this automatically and without cooperation from your software. This means that cloud flare will basically only try to cache parts of Lemmy that are static, so really only the page layout and that’s about it. Ultimately, the Lemmy website for your instance might load a little bit faster, but posts can’t be predicted and so those will have to go cross-continental on a cache miss.
The other advantage this affords is that anyone interested in taking down your instance will have to take it up with cloud flare. If the way they’re trying is brute force, they will fail where they would have succeeded against just your server. If their way of doing it is through legal threats, they might have better luck (though cloud flare tries to remove itself from a position where they have to police what their service can be used for, my opinion is that it is a matter of time before they are forced to).