In the 1862 Pocket Navy I have,I use "flex all',which is a material used for BIBLE covers in the publishing industry.check some book publishers in your area.
To cut this into wads by a pack of wad cutting tools.Relieve it enough to allow the punched wad to pass through the shank and out the top.Sharpen the edge for punching through the material.Put in a drill press,arrange a cardboard box or tray to catch the little boogers as they come out-you can be making them so fast that you will have a jar fukll in a hour or so!
The other thing I realized yesterday when shooting my resolver was that the nipple wrench that I had got off an auction site did not fit so great.So I put it on the grinder and relieved the shank that has to fit into the nipple recess,and while I was at it I also ground one end of the handle so as to be a screwdiver.It will come in handy I'm sure!