If its something that could potentially embarrass her, like say she has a big client meeting , then I think you should tactfully let her know. If there's no chance of that happening, why worry?
If you decide to tell her, I would not use the term "thong," just let her know that when she bends over, her underwear is exposed and that you want to warn her before she is subjected to any further embarrasment
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--size matters not-- yoda
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