I only purchase for projects so some of my practices would be different if purchasing for stash. If I were a stash purchaser I would probably wash/dry completely in the dryer. Then just smooth the yardage and store (ruler foled; comic boards; bins; whatever your system) until ready for use. My theory....you're going to have to iron again before cutting for quilt pieces so why do it twice.
Later, when I pulled that fabric for quilt usage, I would iron with steam and get all the wrinkles out. I would also use starch (which I use all the time). I use liquid sta-flo in a 50/50 mix. Let the starch absorb into the fabric for a bit then iron/press. I get no flaking using this process. Even if I end up going over the same area repeatedly. Then cut as necessary.
If you are worried about bugs from the starch, you likely will not have this issue if you wait to starch until you are actually constructing your quilt as you will probably be washing your quilt when complete.
Good luck and happy quilting.