I punch my own hard felt wads and dip them in equal parts of melted beeswax and tallow. I melt in a double boiler setup (an old soup can in a pan of water) and give the wads a very quick dip of about a second in the lube. The lube will soak in very quickly with just a quick dip, if you leave them in too long the lube will want to build up on the outside of the wad as well. After you do it a couple times you will get the hang of it.
The mix I use is quite stiff, and will not melt out and wet the powder unless you leave them in a very hot car for a period of time. If you want a softer lube (i.e. lower melting point) use less wax, and/or replace the tallow with a oil of some kind.
