It has to fit a standard 1/8" rod without too much play. So, yeah a standard launch lug. I suppose you could sub a plastic straw of the same diameter but you cannot use wood glue to attach it: dissimilar materials.
I have also seen micro rail buttons for LPR, but that is the exception and you need a makerbeam rail to launch.
I have repurposed the long tubes that APCP motor igniters come in as launch lugs. But I think that's what they were in the first place.
Or you can roll your own using cardstock and a launch rod (or 1/8" dowel). Cheers.