Yes, a thin coating on the whole patch, both sides. You don't need it on both sides, but it makes it easier to not have to figure out which side has the lube.
I would store them in a small tin like the Altoids tin to take with me to the range/hunt. The rest i'd keep in a a zip lock baggy. Sometimes on a hunt i'd use a loading blocks. TOW sells them, or you can make them easily. It's a small board with holes drilled in it. You push in the patched round balls in each hole. Just a little past level. Then it's easy to center one of the PRB's over the muzzle, and shove it in with a short starter. That's easier than messing with the patches while hunting. Sort of an old style speed loader.
Like these.
http://www.trackofthewolf.com/List/Item.aspx/152/1