Ok I got one made. Now just to figure out how much compound to add to it. Any suggestions?
The edge will be riding on the surface of what ever you apply. If you put on a thick layer, it will ride on the surface. If you put on a thin layer, it will ride on the surface... No matter what you do, that edge is ONLY going to ride on the surface.
But some folks like to put on a thick coating, like some circus clown putting on grease paint. Nothing wrong with that. The stuff is cheap enough so that using more than you need won't cost more than a few pennies. They say that they can refresh the compound by just dipping a finger in oil and rubbing the surface. I guess if you like to dip your fingers in oil, that's as good a way as any to bring up more compound.
Others just apply enough to give a hint of color to the strop. And that's OK too... Remember, the edge is only going to ride on that surface.
To me, if you can still see some leather under/through the compound that's about the right amount. It doesn't even need to be a consistently even coating so long as it's smooth rather than chunky. (A bit bumpy is OK... The stropping action will smooth it out quickly or you can rub it smooth with the heel of your hand or a piece of cloth.)
When using a wax-based block of compound, I'll use it like a crayon and draw several strips or zigzags over the strop, then rub it for a minute to distribute the grit across the strop. I can still see plenty of leather, but as everything is going on at the micron level, I know that there is more than enough compound to get the job done. I might add a few more compound zigzags every few months, assuming I'm stropping several times a week. I prefer liquid or paste-based compounds only because I've found the grit size to be more consistent.
Experiment. Find out what works for you. You almost can't go wrong... unless you try using peanut butter for compound. (Actually, peanut butter DOES work as a polishing compound - for scratched DVDs! Smooth, not chunky.)
Stitchawl