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With Neatsfoot a little goes a long way. I rarely use it on a strop but when I do I put some on a rag and wipe a wee bit on and rub it in. When you apply it directly to the strop it seems to absorb...

I found a nice sized one at a beauty supply locally. They are also used to remove callous and dead skin from the hands, feet and elbows. Here is one on ebay if you don't want to bother looking...

Contact cement really works for gluing down flaps. Pumice stone for small nicks and touching up after the contact cement if necessary. I don't know about smoothing out the rough side.