Don't throw that hat felt away. If made of stiff, wool felt it makes the best lubricated wads for muzzleloaders and cap and ball sixguns. Punch them out and soak them in a mixture of:
1 part paraffin (canning paraffin is best)
1 part mutton tallow (available from Dixie Gun Works)
1/2 part beeswax
All parts are by weight, not volume.
I typically use a kitchen scale to weigh 200/200/100 grams and place the ingredients in a quart Mason jar. Place the jar in three or four inches of boiling water, for a double-boiler effect.
When all ingredients are melted, stir well with a clean stick or a disposable chopstick. Allow to cool at room temperature. Hastening cooling by placing in the fridge may cause the ingredients to separate.
This lubricant recipe came from a 1943 American Rifleman magazine. It's what the factories used for outside lubricated bullets, such as the .22 rimfires and .32, 38 and .41 Long Colt.
It's an excellent lubricant for any black powder use. I even lubricate patches for my muzzleloading rifle with it.
Finding an old felt hat to punch out wads is very difficult. I've searched for years without success. However, now I use the felt weatherseal sold in hardware stores for windows.
Anyway, that's my two-cent piece.