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It works.
You need a nice smooth topgrain leather, but it'll work. If you have a belt that fits the description, go ahead and use it.
That said, how much does a belt cost these days? $15-25?
If you can go that little bit more, you can get a Tony Miller starter strop for ~$35 delivered, or check the classified section for the Proforma strops, they are also around $30.
Well Said, bottom line it works but you'll need a quality strop just as much as you need a straight razor to actually shave.