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I use foam sheets that I bought for fly tying. They are thin, 2 or 3 mm maybe and come in sheets that you can buy at most craft stores. I cut rings and epoxied them to my spools. They've been on there for 7 years now and I've never had to replace any of them. Plus they come in all different colors so they look cool too!!!
I just stick the hook gently back into the line on the reel, don't bury the barb!
I found these at Walmart this year. I think it was $1.47 for a 3 pack. They won’t work with all types of tipups, but for this style, they seem to be working well.