Sorry Dave, I guess I misread that about the felt. And since the orig. subfloor is 1/2", we can be pretty sure the joists are spaced 16" oc. While 5/8" p. board was used originally, it isn't mandatory to use the same to achieve stiffness in the subfloor, which is what he is trying to do. And since he isn't mentioning the thickness of the finished wood floor, we can't tell what thickness of underlayment would be best from that perspective. 1/2" or 5/8" would deliver equal results in terms of subfloor/underlayment stiffness and deflection. The variable is the thickness of the hardwood flooring. Once that is determined, then the optimal underlayment thickness could be decided.