I started honing early and when I did, I honed a razor or two every day, sometimes multiple times a day, for about 4-5 months. It paid off just like your honing frequency will pay off if you keep it up. I've used a lot of water before, but most of the time, it's just enough to see the blade contact I'm getting, which really isn't that much. Bottom line, I don't think it matters until you get a stone dry. Once the bevel is set, I don't apply anything else but the weight of the blade pressure, which to me is laying the blade flat on the stone, balancing it by pulling up with my ring and pinkie finger and using my thumb and forefinger to control it with just enough pressure that the blade doesn't wobble or skip, which is the most minute amount, but not much. As for the loosing the edge 3/4 of the way through the shave. I've had that trouble before when I honed my Hart up really sharp. I started adding a layer of tape at a time and rehoning until I didn't have that issue (ended up with two). That was when I was first starting to shave and hone as well, so it could have been the pressure I was shaving with as well. I use linen then leather because I've found that the linen seems to bring back the sharpness a little faster for me and my razors stay sharper longer...just me. I've used leather exclusively for weeks and noticed I needed about 20 more laps to be the same.