Using slurry as strop paste
Here's an idea that seems to be working surprisingly well.
First, I oiled one of my strops with a very thin layer of oil (yellow paste should do the same trick). I did this to avoid the slur drying and cracking the leather strop. After letting the oil sit for a while, I built up a nice slur on the rough side of my Chinese water stone. Then I applied slur to the strop, using the slur stone. I made sure it was nice and even by rubbing the strop a little with my thumbs. After letting it dry for a while, I stropped my razor (already sharpened on the Chinese stone), first on the "slurred" strop and then on my normal leather strop. The razor would actually glide over the treated strop more easily than on my diamond-pasted strop. It also did not create the problems with paste sticking to the razor.
The result: one hell of a sharp razor! It passes the hanging hair test without problems. Shaves very well too.
I will report on further developments :)