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I mix mineral oil with alcohol in a 50:50 mixture, add about 1/2 teaspoonful chromium oxide powder (0.3 micron, Kremer pigments) and put in a 2 ounce spray bottle. That works well.

Everything above is good information. My suggestion is to experiment a little before making paddle strops. You might make a strop, apply paste, and decide that paste is not for your. Then, how to...