Thinly slice both lemons and one orange. Combine the sliced fruit with rum in a bowl. Cover and let macerate at least 8 hours or overnight.
Combine sugar and water in a small saucepan; bring to a boil. Remove from the heat and stir in tea; let steep for 20 to 30 minutes. Strain into the rum mixture. Cover and chill.
Just before serving, slice the remaining orange. Strain the rum mixture into a large punch bowl. Add Champagne or sparkling wine and seltzer. Float the orange slices in the punch.