This instructable is for a 1 piece, no tape, bi-fold wallet. The wallet will have 1 money slot and 2 credit card slots.
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(1) I used a 12x15" envelope (priority mail, same as your's I believe)
(2) I used both sides and kept them connected ... that is, the edges parallel to the text were not cut, which basically doubled the tyvek paper for a, hopefully, stronger wallet.
(3) The measurements you included resulted in a somewhat taller than desired wallet ... I wanted mine to be nearly the exact height of a dollar bill, maybe just a bit shorter even ... that makes the credit cards fit more snugly and prevents them from falling out while still allowing many cards (including a dozen business cards with room for twice as many.
To get the shorter height (closer to the height of a dollar bill along it's short sides), and because I used a piece that was actually 12" tall (your diagram calls for (3 x 3.5) + (2 x .125) = 10.75"), I had to make some of the folds a bit longer, particularly, the .5" fold at the bottom became a 1.25", and I had to add a fold at the top that is ~.75" and folded into the dollar bill pocket. This also frames the "priority mail" text and blue stripe nicely.
Also, taking an idea from the "Super Thin Tyvek Card Sleeve Wallet! by marksbrenSuper Thin Tyvek Card Sleeve Wallet! by marksbren" I put a rounded cut into the credit card pockets and a thumb slit on the interior to allow me to push the cards out with one hand.
I'll add a couple photos later, this was a very helpful design!