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I suppose so but rather than diluting slurry, which is reducing the concentration of the slurry, the dilution of the honing solution is a reduction of the viscosity of the liquid.

Because it is water soluble, you can play with the ratios of water and solution to alter the viscosity on the hone. I usually start with a 50/50 mix and then gradually add more water to it but...

Before committing to oil, you could try Smith's honing solution. It is water soluble.