I don't think it can be wetted, and then dried, and still be usable. Now if you were talking about rolling it in a strip of thin paper, and twisting it, I'm not sure it will burn slow enough.
I inherited some years ago, and had the same problem. What we did was make a steel target with a hole in it the size of a 12 gauge shot shell. We then made a scoring disc that covered the hole, with a homemade firing pin affixed to its back. We cut up some old paper shot shells, that were donated to the club, and dumped the shot, and powder out, and refilled them Pyrodex. It was so much fun that the Pyrodex is long gone, but still get requests to use the target again. It works with small amounts of smokeless, with flour on top for effect also.
Hungry Horse