My experience of using compounds intended to be used on powered buffing wheels is that, although they work fine, they tend to have a lot of drag compared to those intended for use on a strop. I assume it's down to the binder formulation.
It's not really an issue with fixed blades, but it can make stropping slipjoints unnecessarily exciting, with a tendency to close on the fingers.
UK knife laws mean I EDC slipjoints, and I've found Starkie Blue to be the best stropping compound available here at a reasonable price. The softer wax means it's easy to apply and doesn't drag much. I've also tried various metal polishes and a couple of grades of diamond paste, but they make more mess than the Starkie Blue and don't seem to work any better. Helpfully, they don't drag and try to amputate my fingers.
So far, I've been too cheap to try any of the upmarket compounds the straight razor guys use.