Well, looking at the list of ingredietns
http://www.drugstore.com/products/pr...0629&catid=652 it seems that monostat is a water based cream, not an oil based ointment. It should wash out fully without leaving any residues.
IMO, the main thing to watch out for when using cloth pads is to make sure you don't keep on re-infecting yourself from the pads (though you'd need to do this with your underwear anyway.) I remember ironing the crotch of all my underwear AND all my cloth pads in an attempt to kill yeast.