I'll add you should be careful what grit abrasive you strop with and the backing you select - stropping is a discipline in itself, more complex than grinding IMHO. In my experience using a very fine abrasive to strop after a fairly coarse grinding abrasive will leave you with an underperforming edge, I prefer to use a larger grit.
The same compounds on a softer leather or canvas will create a very different effect than if used on MDF or similar. On a hard enough backing your strop compound essentially becomes a lapping compound.
For EDU I generally stop at the fine side of an India or Crystalon stone and strop on black emery - I wrap a sheet of paper around my stone and apply the compound to that. It can just shave my face but still has some grab, holds up very well, and is easy to maintain - so your 320 grit and strop plan is pretty sound for the average user. For my large kitchen knives, machetes, hatchets I'll actually go a bit further and use white compound or Flexcut Gold - it reduces their draw cutting efficiency but dramatically boosts their chopping/pressure cutting efficiency. For a higher polish, you might consider a higher grit count to stop grinding at prior to stropping, something in the 1000 range depending on method. Also remember there's a world of difference between ANSI, FEPA and JIS grit values...
HH