If I might just jump in here and offer an answer to your questions, adding paraffin only makes the lube more "stiff" and heat resistant. Too much and it gets too hard and is hard to work with. Paraffin will make it more heat resistant for when you are shooting in the stiffling heat of a Texas summer.
As for the specific mix, you just have to try a basic recipe and see how it works for you and how it does in the Texas heat. If it is gooey and makes a mess, just ad a bit more paraffin or bees wax. Paraffin is a bit stiffer than bees wax and will make a harder final product.
As for how long to let your felt "dry", just until the lube cools and sets up. The felt doesn't really "dry", it just cools and the lube sets up. Usually only a few minutes. When it reaches room temperature, it is ready.
I make my wads just like he does except I use a different lubricant. Mine consists of bear grease and bees wax. I use mine in my rifles. BTW, you can get a really good custom made punch to your exact specifications for a lot less money by ordering from one of the forum members who goes by the name of Ohio Ramrod. Look him up by going to the "members" section and typing in Ohio Ramrod.
