I had Ohio Ramrod make a punch for me. I don't know the exact size but the wads are a bit snug in the bore. Not exactly tight, just good and snug. The felt, while hard, will compress and expand under the pressure of the expanding hot gasses to form an even tighter seal. So, as long as the wads can be pressed into the bore with your thumb and have a snug fit, I'd say that it will be good. If you need a punch, contact our fellow forum member, Ohio Ramrod, and have him make a punch for you that will be the correct size for your rifle. His prices are extremely reasonable. While you are at it, if you have a drill press, have him make a drill press attachment for your punch. Cutting your wads on a drill press is a very fast operation. You do not turn the drill on, just use the drill press like a bearing press to punch your wads.
If you want to pre-lube them, just use the lube of your choice (I like Bore Butter) and "butter" the sheet of felt like buttering toast. Then put it into your microwave for a few seconds to melt the lube into the felt and you are ready to punch pre-lubed wads. Properly lubed wads are dry but have a slightly oiled appearance. If you are using a liquid lube such as Ballistol or a Ballistol in water mix, etc., just spray it evenly onto the sheet of felt and let it sit and completely absorb into the felt before punching out your wads.