It doesn't take hours and hours of honing to sharpen a razor, unless you're taking nicks out or using a very slow hone. Your first few razors take a lot longer because you're trying to figure out what works, but after that things go a lot faster.

I'm not sure silicon carbide is available in a fine enough grit for razors, and jewelers rouge is very soft, I don't think it would do much to a hard razor blade (well maybe a zeepk).

I use a pasted hanging strop for my knives, one of handamerican's roughout strops with flexcut gold on it. It's a pretty fast abrasive and still makes a very keen edge by knife standards. The strength of the edge is still better than straights because the angle of the bevel is larger so there's more metal supporting the cutting edge. You're not gonna slice much cardboard with it without dulling it, but it won't be any duller than any other knife after such treatment.

As for your pasted strop, keep using it as long as it still works. Once it stops working then just smear some more abrasive on it and keep going. The color doesn't matter.