I've cut craft felt with my Big Kick and Spellbinders. Not sure if wool would be as easy, but wool makes my skin crawl so I try not to touch it. Sizzix also has a line of dies specifically for fabrics, you can check them out on the Sizzix site. And there's a company called Accuquilt that you might want to look into.
Any of the big red "original" or the green, yellow, etc colored dies should cut the felt. The sizzlits most likely will not be able to cut it. The blade is too shallow. On the original dies, the blade is deeper so it can compress more and cut thicker stuff.
Stampin' Up sells some flower dies. Not sure if they would be as small as you need them but worth a look. They also have some new flower framelits in the spring catalog. I am not 100% they would cut wool felt. I know they do cut some material but I haven't messed with felt to know for sure. I could check for you if you are interested in them though.