I'm interested in this, too. I can tell you one thing that WON'T work. I have a few cloth stickers, and I put them in waxed envelopes, which work for old stamps (at least that's what my Dad kept his stamps in). Plus, the stickers did slide in and out of the wax envelopes pretty easily, with no sign of falling apart, like they did with soft sleeves or top loaders. (When I bought these stickers, I had to cut the top loaders apart with an X-acto knife because the two halves of the stickers had completely adhered to the insides.)
Well, my logic wasn't too good -- after a few years, the stickers have now stuck to the insides of the wax envelopes, and I will have to cut those apart to get them out as well.
tl;dr version: wax envelopes won't work, at least not in the long term.