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Yes, the diamond hones have a very long lifespan. I think we shorten them by lapping, but doubt if we shorten them by any sort of honing we do. Maybe if we honed axes with them we'd notice a difference.
JSmith has a good idea. You can also speed slurrying by using your slurry stone on one of its corners, instead of on a flat face. And your idea with your DMT1200 is good, but I wouldn't do it with my own. Let us know if you notice any decrement to the 1200 after a while. Maybe I'm crazy.
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I've always used my DMT325 for both lapping and creating slurry (ala Glen) and it's worked out OK for me YMMV
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1 Attachment(s)
here is a pic of it all slurried up :)
Attachment 103820
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Well that slurry stone looks like its working very well for you!