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Never tried using any sort of oil on my coticule, not fond of the idea, but I did try glycerin and it works well and rinses off easily, but it feels similiar to your method of rubbing the water off...

I use a 150mm by 35mm standard bout and its great, what I've found after nearly two years of honing on this one stone is any bad edges are 99% of the time down to either not setting the bevel...