A while back, I'd applied some dry green powder compound to a leather belt; the compound is of the type commonly found for rock-polishing & lapidary uses. Initially, I'd just rubbed the dry compound onto the leather with my fingertips (w/disposable gloves). Then, after the fact, I rubbed in some mineral oil-based hand lotion (Eucerin or generic store-brand equivalent) over the dry compound to basically keep it from stirring up a cloud of green dust every time I stropped. As it turned out, that has continued to serve well. The hand lotion did a very good job in binding the compound to the leather (& the leather seems to respond well also), and I've never needed to refresh it (the lotion). That leather belt has turned out to be my favorite strop for green compound, used with steels like 1095, CV and 420HC.
It may not necessarily be a complicated thing to make compound this way; it's something worth trying. Grittier (coarser) compounds may need something heavier to bind, like wax/paraffin; but a finer compound like green or white rouge seems to work well when applied this way.
David