Here is what I do when I see that a blister is forming. First, I take one of those pre-made thin blister pads and put it on the wound. Next, I take mole foam, fold it in half, cut out a triangular or semicircular shape, unfold the moal foam, leaving a diamond or circular hole in the mole foam, and put the mole foam over the blister pad. Then I duct tape the whole thing.
The purpose of the mole foam in this arrangement is to make some space between the wound and the boot, so that the boot is not directly touching the wound. I have had much better success with mole foam than with mole skin. I carry only mole foam now – no mole skin.
I find that without the duct tape, the mole foam comes off. With the duct tape, the setup stays in place long enough to last the day.
98% of my hiking is in day hikes, so my needs are not as demanding as those for people going on multiday hikes. Duct works ok for me. Maybe people going out for longer periods would want to use use some other tape for this setup, e.g., leukotape.
I'm thinking that gauze with a hole cut into it in the same way as above with the mole foam, and maybe folded over a few times, would do exactly what the mole foam does – provide a space between the wound and the boot. If so, then I could carry only the gauze, and ditch the mole foam. Mole foam is extremely light, and carrying it around is not bad at all, but it'd still be nice to be able to get rid of it in order to reduce the number of items in the pack. Simplicity is good.

