I have also made the felt seals, for front and rear axles on a 1929 Hudson car.
Buy the felt from McMaster Carr, and also a gasket cutter from them. It has two blades, one cuts the inside diameter, and one the outside, all at the same time. Sharpen the blades as sharp as you can get them, tack the felt to a board, and carefully cut out the felt donuts. The circle cutter is not supposed to be used in the drill press, but I ran it slow with a slack belt, worked great, just don't stick your fingers in there.
Grigg