Bruise, if I may make a suggestion, try some wet/dry sandpaper on a mousepad or some other backing with a bit of give to it. I think it will take way too long with the belt and honing compound unless you are using a particularly abrasive honing compound. The sandpaper/mousepad combo works well, and it doesn't take much time at all. If you start with 400 or 600 grit paper, you'll have your edge shaped in no time. Then switch to 1000, followed by 2000 or 2500 if you want a really polished edge (which will help with the paper cutting) I would use the strop and/or ceramic rod as a finishing step after the sandpaper. That link that Yvsa posted earlier has some great advice. In fact that's what got me started using the sandpaper on a mouse pad. With a little practice, you should be able to get you khukuris to slice paper like that without even having to use the strop. The only downside is that it can, and most likely will, scratch the surface of you khukuris. You could probably minimize/eliminate this by taping off the sides of the blade with masking tape.
--Josh