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You can change abrasives - this is one of the nice things about the paddle strop, not only is it inexpensive to get, but it's inexpensive to experiment with new abrasives.

For leather-covered...

Probably about the same. I've never had to replace mine, but I don't have the number of razors you do. But I got my CO paddle back in April and have used it as the final honing step on all my...

The edge doesn't seem to be as smooth or as strong. They are a bit faster though, and you can get them in nice industrial grade grit sizes.

The BC and CO is pretty much the combination I've settled on as well. Seems to make a nicer edge than the diamond paste.