Something to remember is that when using compounds on a leather substrate; there is no need to completely cover the leather. There is no need for the compound to be evenly distributed. There is no need for the compound to be thick.
If I may use a talcum powder analogy, imagine sprinking a dusting of talc onto the surface, then blowing off all the excess. You'd still be able to see the leather but there would be a light dusting of white on the surface. THAT is all you need to have when you use compounds on leather. Nothing more. Any more than that is just wasting the stuff and doesn't give you a better surface upon which to sharpen. (More doesn't make it any worse either, even if it's bumpy and lumpy.)
All leather has silicates. Horsehide has more silicates than cowhide. Boned leather has more silicates at the surface than leather that hasn't been processed that way, which means boned horsehide has the most surface silicates, making it the very best medium for bare stropping. That's why the very best barber strops are made from boned horsehide.
Something else to thing about; just gluing a piece of leather onto a stick does NOT make it a great strop. It just makes it a piece of leather on a stick that you can use AS a strop. Shops that charge a lot of money for this deserve no business. Unknowing customers think they are getting something great but instead are just getting some thing. And paying a high price for it. As we all know now, we can by a 12"x12" piece of veg tanned cowhide for $10 and have three or four strops.
Vegetable tanned cowhide has silicates. Boning the cowhide will bring more silicates to the surface, but you can certainly use it without boning and get good results. You'll just get better results if you had boned the leather.
But if you are going to cover it all up with compound, don't bother boning, don't worry about veg tanned or chrome tanned, in fact, don't worry about not using leather at all. It's going to be the compound that's doing the work, not the leather. Sand the surface and slather on some compound. It will work well.
Boning makes it best. If you don't need 'best,' don't bother with that, and just finish with compound. It produces a good edge.
Stitchawl