One of the primary reasons for using game bags is the permeability of the bag itself. The idea is to cool game quickly, Unless you can look at microfiber sheets and prove that they are as porous as game bags I wouldn't be so quick to use them.
One trick I've used in the past to keep flies and insects off my game is to soak the game bag in a mixture of lime or lemon juice and tabasco or cayenne, allow to dry and then pack up and use them.
Game bags aren't a once and done, buy what they call Alaska game bags, take care of them and they will last numerous hunting seasons.