Putting too much on will not hurt anything other than your wallet. Fact is, you can strop on a flat bar of compound...
But if you want to remove some, WD-40 or lighter fluid on a rag and wipe it off, edge of a ruler will scrap it off.
All that's needed is just some 'color,' not a continuous thick coating, but using more won't hurt anything.
Stitchawl