I find the 7/16ths punch a bit too small for .45 caliber. It's good for .44 caliber, such as the .44-40 or .44 Special.
For the .44 (really .45) cap and ball revolver, I use a .45-caliber punch from Buffalo Arms.
For .36-caliber, use one of the cheap Harbor Freight punches in 3/8ths.
For the .31 caliber, use the 5/16ths punch.
You can order real, honest wool felt from Durofelt by the sheet. Search the net and you'll find its site. It's in Little Rock, Arkansas.
I met the lady who runs Durofelt, some years back. Very nice. Her ancestry is Indian and much of her family still lives in India. The family has had a felt manufactory there for years.
I highly recommend her 1/8" thick wool felt to make greased wads for cartridges, muzzleloading rifles and cap and ball revolvers. Thicker felt is available but 1/8" carries plenty of lubricant.
Some years ago I bought a large sheet of 1/8" wool felt for less than $30. I calculate I have enough to make around 8,000 wads of .45 and .36 caliber.