Alright, yes, this question is everywhere. However, it's fragmented and usually suffers from variable and opinionated replies, so in my own interests and for the benefit of future DIYers, I would like to ask a more complete and comprehensive question to find more complete answers.

Obviously the dimensions and type of the strop depend on the blade, but what of the materials used to create the strop? I see three primary materials: leather, polishing compound, and backing (optional?).

What kind of leather is appropriate for a quality strop? Tooling (veg tanned)? Full grain or top grain?

What weight of leather? 3oz, 5oz, 11oz?! Should the flesh side by sanded for consistency?

Will tooling the leather ruin the strop? Obviously embossing will, but what of stamping and other decorative modifications?

Should the leather be conditioned? Neatsfoot oil? To what extent?

What kind if polishing compound(s) ought to be used? None? Jeweler's rouge? Two grades, one on either side?

Should the compound be periodically reapplied or well infused to start and left alone?

Is a backing necessary? Linen? Do you use different compounds on it?

An answer to any of these questions is greatly appreciated. Keep in mind that the intention is to make a working strop, not a piece of perfection. I am aiming for a B- in quality, not an A+, so please avoid opinions against less than perfect materials.

For the price of a commercially sold strop and half a day of my time, I can make a working strop and have quality leather, polishing compound, and other materials left over for future projects. Clearly that's the best option in my opinion.