hau Lindsay, yes you would cut a slit and slide it around the trunk, then you would pin it down with some wire pins which you can make by taking a length of 10 gauge wire, bending it into equal halves and pushing it in the soil to hold the plastic down.
Don't forget that you will still need to put a mulch layer on top of this barrier but it can be a thin layer.
Our local Menard's also has an 8 mil, UV stabilized sheeting that comes in 8' wide rolls, so we could, mathematically, just run one strip down each row of trees.
That will work nicely if you aren't wanting anything between the trees. Of course you and always plant things in poked holes in the spring too.
When I mulch trees I use enough to get a 4 -6 inch thick layer once it is compressed tightly together.
Don't forget to give the trunks some breathing space (about 6" away from the trunk is good) so you don't create disease issues for your trees.
For the yellow jackets, waiting until a good cold snap is always the easiest way to take care of those, they won't be able to move so much and a lidded container is helpful if you don't plan on extermination.
If you plan to exterminate then you will still want them to not be moving a lot, after dark is a good time to get them, they will all be on the nest.
Redhawk