The felt I use is 1/8" thick of hard density from Durofelt (item #FM18H-3). I can cut at least 7500 wads (.44 cal.) out of that sheet of felt for $40.
I make my own lube using the following formula:
2 parts mutton tallow
2 parts paraffin
1 part beeswax
To lube the wads, I put a heaping tablespoon of the lube in a plastic container and melt it in the microwave. I drop 100 wads into the melted lube and stir them with a wooden stick until the wads are saturated and the lube is pretty well solidified. Then I put them in the freezer for about 15 minutes. When I take them out of the freezer, I make sure the wads aren't stuck together, and put them in a different container to take to the range. I spend about 2-3 hours to make and lube 1000 wads.
These wads are stiff enough to keep fouling to a minimum, but still do a good job keeping everything lubed. And on all but the hottest days, the lube is stiff enough that your hands stay pretty clean.