Mike,
You can simply divide the nominal focal length by the f/ number you wish to use to arrive at a diameter for the clear aperture. For example, a 12-inch lens stopped to f/8 would have a clear aperture of 1.5 inches. The stop should be placed at the same position as the original iris. A slot cut in the barrel of the lens would allow you to drop in stops of your choice and change them as necessary. This, at least, is how it was done with lenses which originally used Waterhouse stops.
However, let me add that Jon's suggestion of using neutral density filters is the most practical and depending upon exactly which Wollensak portrait lens you have, stopping down to f/8 or f/11 may considerably diminish the soft focus effect. The Verito by my own experience is most effective wide open and has lost much of its soft focus quality by f/8. At f/11 it's becoming respectably sharp.
You may find a combination of using homemade stops and neutral density filters to give you the optimum amount of control for your particular situation.