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Many members prefer the wool felt for diamond sprays, I'm not sure about chrome ox paste but it likely would work just fine.

Most definitely. You can keep your razor going with regular and occasional pasted stropping for a long time before having to use a hone. When my razors start to feel a little dull my general rule...

Just to elaborate on what Jeff was saying, pasted/sprayed strops are technically part of a honing process. They are considered very high grit compared to a stone, and can be used for the final edge...

I'll try to answer your questions in order....