Is this a single layer of cheese cloth or multiple layers? Use a single layer and smooth out the air bubbles. It's a good practice to deep it in warm whey or warm water. Once it's on the cheese you can oil it. It will help protect it longer. With the clothbound arrangement, be prepared for long term aging.
Actually, I used Rikki's directions for banding: schmeer cheese w/ shortening; circles of cloth on each end; more shortening; another layer of cloth on each end; band around the circumference. The bubbles you see aren't really air bubbles, just places where the cloth overlaps. From what you say, maybe Rikki's directions are overkill?
