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I use poplar myself. Never used oak, though I've got a chunk of red oak waiting for me to order some of that 0.1 micron diamond paste.

I think most guys glue it down to something more substantial, though I guess if you get a big enough chunk that would work by itself. You'll need to lap it first as with any hone, then paste it. ...

Not sure what you mean - what procedure are you asking about?

That's all it is. Cutting pastes cut differently on different substrates. Roughout leather substrates cut faster than smooth leather, which cuts faster than balsa, which cuts faster than hardwood.