A paddle strop is fine, and in some ways it's better because you don't risk letting the strop hang like you can with a hanging strop. If you don't keep the hanging strops pulled tight you can mess up the edge of the razor.
If you want to go cheap just pick up a boar hair brush at WalMart, or whevever, some Williams Shave soap, and borrow a coffee mug from the kitchen.
Best time to shave is after a hot shower. I usually suds up my face with a soap that has a good glycerin content. I just read the ingredients at the store to find one that listed it as close to the beginning of the list as possible. Or you could use shave soap, but that's probably a waste. This will help to start soften your beard. Then once I get out of the shower I re-wet my face with more warm/hot water and apply the lather from the shave soap.
To test my razor's sharpness I like it to easily grab and cut my arm hair above skin level.
Some razors aren't always ready to shave when they are new and may require a little work on a razor hone. Also the plain leather may not always do the trick and having a hanging strop with a canvas back is helpful. The canvas helps to straighten the edge and lets you go longer without honing.
You maybe able to use the loaded side of your strop to restore the edge when regular stropping on the leather doesn't get your edge keen anymore. Are you using a 0.5 micron compound? Veritas green or whatever?
If you like it and want to put more money into it check out
www.classicshaving.com as they sell a lot of good stuff. Also www.knifecenter.com's shavecenter has some good stuff as well. I like the Col. Conk shave soaps they carry.