Do NOT apply mineral oil. Lanolin or just the smallest drop of pure neatsfoot oil, and I mean next to NONE. Put a few drops on a cloth and rub it into the leather. ONLY a few drops. Otherwise, you might as well have used a magazine cover rather than leather. If you are using the leather without any compound, don't use anything at all on it for best results. True, it will only last about 30-40 years without treatment if kept indoors, and would certainly last longer if treated, it will perform better without treatment. If you are using an abrasive compound on the leather, you can treat it with peanut butter for all it matters...
Regarding rough vs smooth sides, use the rough side for convex edges and the smooth for beveled edges. The harder the surface, the more accurate the angle. Convex edges don't need such accuracy. Beveled edges do. Make a couple of strops. One for each compound grit works well.
Stitchawl