Card wads don't contain enough lubricant to keep fouling soft. That's why most folks use felt, for its ability to soak up lubricant.
The best buy on real
wool felt will be found at Durofelt at http://www.durofelt.com/
The company is located in Little Rock, Arkansas.
Some years ago I visited the lady who owns it. Her family, in India, has a large felt factory there that still uses wool to make felt. Most other felt found today, especially in the U.S., is polyester and not wool. Polyester will leave plastic fouling in the bore.
Also, she offers hard felt, which is the best for lubricated wads. I believe that the hard felt has something of a scraping effect on fouling. For cap and ball revolvers 1/8-inch thickness is preferred. It's also a good thickness -- lubricated, of course -- between patched round ball and powder. The lubricated felt wad will keep fouling softer, allowing more shots between swabbing.
Right now, Durofelt's Closeout section is offering hard felt, 1/8-inch thick, 6 X 36 inches, for $6. Rather hard to beat that deal.
As to punch size ... I've used a 3/8 inch punch for 25 years. Paid $1 for it at a yard sale. For the .44 cap and ball (which is really closer to .45 caliber), use a .45 caliber punch.
You can buy a hole punch set, made in China, from Harbor Freight and others for less than $10. The set has a 3/8ths punch, but not a .45. It skips from 7/16ths (good size for making wads for .44-40 and .44 Special) to 1/2 inch (.50 caliber) which is too large for the cap and ball .44.
You can get a .45-caliber punch from Buffalo Arms for about $20. A good punch, and proper hard, wool felt, are cheap investments that will provide thousands of wads.
Wonder Wads are about $8 for 100. Do the math.