I fine wallets annoying, i don't like them and i try using them a little as possible. Most of the time when i dress i only carry the essentials and keep pocket/jacket bulge to a minimum.
How often do you whip out your wallet for anyone to notice initials, most of the time when people take out their wallets, your eyeballing the contents, and your hand would end up covering your initials anyway. If you like/want your initials on your wallet, then go for it. good luck