I don't think you can beat PJ cotton balls for effectiveness, compactness, weight, waterproofness, availability, and cost. Make them fat & juicy, then package them individually in an aluminum foil envelope (as was discussed here lately). I would like to experiment with using wax instead of PJ as long as the wax is as effective.
Be careful about dryer lint. Its willingness to light from a spark depends heavily on whether or not there are a lot of fibers like polyester, rayon, and olefin in there. Anything other than cotton, no matter how dry, detracts from lint's performance.