Fold felt in half, and place template on top, with the straight end of template near the fold. Cut around template without cutting through fold, creating a long, thin rectangle that's roughly twice as long as template. Repeat, cutting another rectangle of felt, and then one from fusible webbing.
Lay a piece of felt over webbing, and iron to fuse them. Remove backing from webbing, and sandwich with a second piece of felt. Iron to fuse them.
Fold fused fabric in half, and place template so the straight end is on the fold. Trace template onto felt with a disappearing-ink pen, cut out the shape, and unfold.