Not possible to replace the "felts" without removing the rubber cap from the lower fork slider.
The felt strips arrive flat. In other words, they are not yet circular in shape. They have a bevel cut on each end of the heavy felt material. For installation, I found it helpful to press the material straight down into the rubber cap's groove as attempts to pull 'push' only elongated the felt.
Do not be tempted to cut the material to a shorter length; properly installed, the bevel cuts match up perfectly.
Neoprene might work. May not. You'd get to be the test mule on this idea. Report back with results.