No need to spend hours simulating a cloth!

Take a look at thisYT short, you can see that we don't necessarily need high resolution meshes to make cool cloth simulation for voxel games.
Of course the highest resolution looks awesome in this video, but pause for a moment on the "256 faces" version and look how cool this is looking!
This is in my opinion the perfect option for a voxel art style game. 

Enjoy, and make great games!