No, cheesecloth isn't fine enough to keep any sediment out. What I do is rack when I have lees of 1/4 inch or more at first, then rack about every 60 days or so if lees still form. If you stop siphoning before you get to the lees, you'll leave them behind. It helps if you have the carboy set up on a phonebook on one side or a way to get most of the lees to settle more on one side, then rack from the other side. Most wine yeast are flocculant, and I find that after a few months, there isn't any sediment at all.
Use a racking cane with a black tip on it, and use the clip on it to hold it above the sediment. A soft tubing is much more likely to be harder to work with and control.
Broken Leg Brewery
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