Absolutely you can do this.
Many old school Vermont Cheddars are allowed to crust over with mold. They are larded and bandaged.
I, personally, have tried every conceivable method.
I would like to try shrink wrap at some point, but that is a small dollar investment.
I will say that the most satisfying (kinda weird i know) for me was the lard and bandaging. Someting about the tactile feedback of working the wheel with old school muslin an lard is very satisfying. It is a real connection to the past. But it is very messy.
The simplest and cleanest way is to use a kitchen vacuum sealer. I can get an 8in dia by 3.5in tall wheel in the largest bag.
But, if you practice with wax, you can do this neatly and easily. I have a dedicated dipper and pot for this. I merely heat and dip and put away. not a big deal. I usually wait till I have more than one to wax.