At that price you may be able to make some cash, but multi-up would definitely be the way to go. How many colors for the print? Do you die-cut in house?
Buying blanks and printing 1-up would be a tough gig I think.
Multi-up:
Pre-shear materials
Print (multi colour?)
laminate selective adhesive for forming cup sleeves
die-cut/crease
fold and form sleeve with adhesive tab.
I'd say 4,6 or maybe 8-up at a time unless you have large format equipment. Less costs of materials and labour and you might be lucky to get $0.70 - $1.10 per sheet of sleeves.
If you have to farm anything out like die-cutting, I'd probably say it'd be a tough go.