Felt wads are not the same as grease cookies.
Grease cookies are small pieces of semi-solid lubricant often shaped or cut into small discs or pills. They are often used to seal the chamber OVER the ball.
Lubricated felt wads are just that. They are used to seal the chamber and are placed UNDER that ball.
This is the best and most cost effective felt for revolver wads IMHO:
http://www.durofelt.com/image_26.html
For .36 caliber revolvers, buy a 3/8" hollow punch from Amazon or Harbor Freight etc. For a .44 caliber revolver, use a 7/16" hollow punch.
There are numerous recipes for lubricants. I use the traditional mutton tallow and beeswax combo. I but the mutton tallow from Dixie Gun Works, and buy beeswax pearls locally. I like to use the pearls as they melt easier. You can also use a solid block of beeswax and a cheese grater.
The ratio of tallow to beeswax varies with the ambient temp outside. In colder months, I add more tallow. In hotter months, I add more beeswax. More beeswax results in a firmer lube, which doesn't soften as much in hotter weather. I use about a 1:1 ration most of the time.
I melt the lube mixture, and use an old cake pan and put it in the oven with the lube. I wait till it's hot and runny. Then, I place squares of the felt into the lube and allow the excess to drip off back into the cake pan. Allow the now lubed felt sheet to cool and solidify. After that, use the hollow punch and a hammer, and punch the wads out. Done.
These works every bit as good as store bought, if not better. They make cleanup a breeze, they keep the fouling super soft and easy to remove at the end of the day. I can make them also for like 1/4 the cost of store bought as well.