In my limited experience, the mold that develops on the surface of the cheddar helps give the entire cheese more flavor. Pictures of the aged English cheddars that have been bandaged show mold development. I think the problem is that if there are voids in the cheese that allow the mold to infiltrate then you get a blue moldy flavor throughout the cheese that just is not good. It's sort of a 'dry' mold taste, not like a creamy blue.
If you're fairly certain that your cheddar is solid, why don't you go ahead and age it out as is? Even if you have some mold infiltration, you should get very good flavor.