The cheddar is a week old and is already showing some penicillium growth on the rind. Steve and I decided to let the cheese dry and the rind form before applying the cheese cloth "bandage". Upon further investigation it appears the bandage can be applied much sooner before the rind dries. Once applied the cheese is pressed again to incorporate the the bandage into the rind. For now we will apply the bandage to the week old cheese and forgo the additional pressing. We'll see how this one turns out, talk to a few people and go from there.
I bandaged the cheddar this evening, first taking some used cheese cloth (real cheese cloth has much higher thread count than what you find in the grocery store), cut it to size, sanitized it, moistened it, and applied a generous coat of the lard I rendered earlier in the week. Once the bandage soaks up the lard it sticks to the cheese beautifully.
I'll continue to turn the cheese regularly and check the rind. It may need occasional patting, brushing or additional applications of the lard.