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Chris,
I like a straight cut bottom on strops as well, the traditional way but feel that about 2 1/2" is the practical limit for holding one this way AND really keeping it flat. Beyond that I feel...

Put your hand in front of the hanging strop, palm up, thumb towards the strop. Slide the strop between middle and ring fingers, palm still facing up. Pinch strop firmly between middle and ring finger...