These guys have some good recommendations.
Cheese Storage Tips
As for wheel cheddar, I'm old school. We allowed it to seal itself so long as it was still being eaten within a few days (not very much 'loss' that way - although a thin rind can be pretty good). Smaller pieces were wrapped in wax paper. For longer storage we resealed it with wax.
Nowadays, I'd probably go with vacuum packing if I were buying a large amount.
Okay, I'm also old.