Folks seem to keep forgetting that stropping takes place on a microscopic level. It's measured in microns, not in millimeters.
Perhaps the best way to visualize the proper amount of compound needed would be to sprinkle a piece of leather with talcum powder, give it a quick smooth-over, then turn the leather upside down and tap it against something. Tap it several times, hard! What remains on the leather is all that is needed to get the job done. You can still see the leather, but it has a whitish cast to it.
Now imagine you're using CrO powder instead... (you can buy it at paint shops or artist supply stores) and do the same thing. Just sprinkle on, give a gentle rub, and tap off. NOW you have the proper amount of compound on the leather. REMEMBER... the stropping is going on at the micro level, not the level that you can see with the naked eye. You don't need a lot of compound. When stropping and using compound, less is better than more.
Stitchawl