Fowler, I keep different compounds on different strops. Son makes rifle slings, has some scraps that I just glue to a piece of board.
Fabuluster is a white compound that jewelers use on their polishing buffs. Works pretty good on tool steel. Comes in a tube and is rather hard. Rub it hard into the leather. On a buff, apply it to the spinning buffing wheel.
And yes, on the Simichrome strop, I just put some on the leather, then buff it in by stropping the chisels. I have used Mother's Mag Wheel polish in the past, works pretty good.
Jewelers rouge is good for polishing soft metals, like brass or gold.
Aluminum oxide is what is on my sandpaper. Speaking of which, 3M makes polishing films of various fineness, and I have several that I use. I use diamond plates and the Veritas gauge for shaping whatever angle bevel the tool calls for, in 300, 600, 1200 and 2000. Then the films go on up to 8,000. Not much need for more than 4000, but the films will do a great job of polishing that edge for you. I think Gesswein has a sample package of the films so you can try them out.
Don't cut yourself!