I reserve green compound for carbon and the simplest low-alloy stainless steels; think 1095, CV, 420HC, 440A. It can work very well to clean up burrs on those steels, with some polishing as well. I actually prefer it for 1095, CV and 420HC, as it doesn't immediately overkill the finish on these steels, like other more aggressive compounds can do. Still want to minimize it though, limiting the work to just cleaning up burrs left behind. Overstropping with green compound on them can strip away any toothy bite you may prefer to leave on your edges, on these steels. For something like a 320-grit finish on these, I prefer to do that on the stone, then strop only on bare leather or denim afterward, with no compound at all.
Steels with mid-grade wear resistance, like 440C, 154CM/ATS-34, VG-10, etc. respond very well to aluminum oxide compounds, like white rouge, Flitz/Simichrome polishes, Mother's Mag, etc., all used on denim or linen hard-backed strops. If I want a coarser edge on these, that's when I may use a coarser black compound, if any at all. More likely, I'll just create and maintain a coarser edge on the stones themselves, limiting stropping to just removing burrs left behind. I generally don't use black compound much, as it's usually more aggressive than I want or need, and can very quickly overpolish and/or round off an edge on a softish strop like leather. Have to be careful with it. That said, I have been revisiting it a bit lately, limiting it's use to HARD strops of wood, or similar. Used as such, it can leave a more aggressive, toothy finish on an edge, something akin to 320-600 grit range.
Anything with higher wear resistance, and especially steels fairly heavy in vanadium carbides (S30V and beyond) will do better with diamond or cbn compounds, which will actually be fully capable of shaping and polishing those carbides. I don't like using green compound on these steels, as it'll tend to only burnish and round off a crisp apex on them. The apex is never as sharp, finishing with green on these steels.
David
