Just to show an example of science being helpful there, listening tests show that floor reflections (as different from side reflections) have a negative effect on listener preference. Fortunately further analysis shows that the effect is the coloration caused in frequencies above 500 Hz. So this calls for absorption of floor reflections > 500 Hz. This is great news because the thickness of an absorber is dependent on frequency. For 500 Hz and above, a thick carpet with padding is enough to absorb those frequencies.What is a felt underlay, can you post a picture? Also, does this work as effectively if you put a thick rug or a Persian rug on top?
I have a thick wool carpet with some sort of rubber type underlay
There are a lot of choices here between carpet type, thickness and that of the underlayment. Getting such data is very hard but there is a great AES paper with a ton of analysis. Here is a graph from it that I have saved up:
All the way on the right, we have the graph of the wool carpet with no padding. We see that it doesn't become effective until about 2 Khz. Sponge/rubber type padding only improves things a bit. But porous foam, felt and hair padding all substantially improve lower frequency absorption, giving us very good performance starting at 500 Hz which is what we desire.
Without this data, I would say just use the thickest carpet you can.