Kevlar & Royalex -- Sweet Composites
Here's my experience gluing Kevlar to Royalex --
Last year I made skid plates for my Royalex canoe from the Kevlar bias tape that Sweet Composites sells. The tape is thinner than felt, and to my eye, makes a more attractive skid plate, while providing what I expect will be ample protection. I used West system epoxy to glue it on, after sanding and torching as Todd describes above. I mixed graphite into the epoxy for the filler coats, largely as an aesthetic matter -- I didn't figure I was going to be able to match the red of the hull very well, so I chose to go with a contrasting color, black. But I doubt that the graphite makes much friction difference when the skid plate is skidding. So far, the Kevlar has remained stuck on to the vinyl quite well. If I were making a structural joint, however, I would investigate whether some other epoxy might be more appropriate than the West stuff.
I don't know if the felt would be structurally superior when used to support a transom -- being thicker, it might well be, but I expect it would also hold more epoxy, and so might weigh a bit more. The Kevlar tape is difficult to cut, and I imagine that the Kevlar felt would be at least as difficult.
Sweet Composites was the only place I found Kevlar tape. They have lots of different glass and Kevlar materials. They were very pleasant to deal with, even though my order was small. And as Todd notes, their prices were good.