Running something off of my drill press will work. Not sure why I didn't think of that. I had something with two handles that you compress, like a hand held hole puncher, in mind.
I’m using.45 colt cases and instead of felt, I have co-opted @TheOutlawKid method of using wax and oil based lube on paper towels. Easy and effective.
The cadillac of wad punches---from Buffalo arms. Available in several sizes. I have one each of .38, .40, .45, and .50 punches. These works off your reloading press. I can punch out over 1000 perfect wads from felt, cardboard, LDPE plastic, leather, or gasket material in about a half hour.
https://www.buffaloarms.com/45-caliber-rifle-press-mounted-wad-punch-45pmwp
The die screws onto your loading press. You can use multiple layers if they are thin enough to fit in the feed-slot. I find that 1/4" felt just barely fits in the feed slot but can get four or more cereal box sheets in it as well as about the same number of plastic coffee can lids (LDPE) Yes, it is not "cheap" but fine tools never are. The amount of time it saves plus the quality of the wads it cuts is more than worth it. I did the hand punch and hammer routine for many years until I found out about these. Cut 10 times the number of wads in the same time and not be tired afterwards!Wow! I have never seen those and am grateful for your post. How does it work, exactly? Does it punch through multiple layers at once? I would love to be able to ditch my hand punch and hammer for making lubricated felt wads...
A 9/16" gasket hole punch will get you pretty close.Seems like nobody makes punches for 54 cal. Unfortunate.
My set from Harbor Freight has a 1/4 shank. Chucked into a drill press or hand drill and cut away.Harbor Freight has a hole punch set that will work for most wad sizes. Nine peace chrome plated set from 3/3, and 52 to 1/2 in. I use these for .36 .44 - .45 and .50. Very good for paper or felt and inexpensive.