Sounds like it has been nubuck-ed to me from your description. I believe this is similar to the finish Handamerican are now putting on their strops but they make it sound all scientific. Thousands of tiny fingers massage an edge onto your strop or something like that . Anyway, it is just raising a slight nap on the surface of the leather.

It should work ok. Many members pumice their strops, as i have with one surface of mine, i think that will be a similar finish to what your looking at. It might help if you also linked to the leather description.