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I don't have balsa, but some pros are that it's readily available, inexpensive, and stays flat when being used.

Here's a nice guide on grits and what their function is in a honing progression:
What hone(s) do I need? - Straight Razor Place Wiki

You can shave off an 8k -- the higher grits just polish the...

Well I'm far from an expert as far as sharpening goes, but when my edge tugs a bit then I'll go 5-10 passes on CrO and then strop as normal and shave. If it still pulls then I'll go to my finishing...