The real deal is that I need to make an edge which is as nearly toothless as it needs to be for the task. I refer you to the 2-page picture spread in Leonard Lee's The Complete Guide To Sharpening, p32/33. Photomicrographs, all 15 to the same scale. The first 5 chapters deal with everything from metallurgy to sharpening equipment. Lots of photomicrographs which support the facts. Good read.
My waterstones consist of abrasive particles, held together with an adhesive of some sort.
The function of the liquid is to act as the vehicle to get rid of smashed abrasive particles and metal fragments.. . . whatever you think you need to use.
Slurry just plugs up the cutting surface like mud in the tread of a tire. I don't want that at all. Flushed occassionally with a squirt from a water bottle, I get clear, clean grit for edge management. As I move along, I can select a finer grit for the next step. W&D sandpapers, I just use them dry.
In an exploration of the versatility of crooked knives for carving, I have hafted 10 blades in the past couple of years. Others, I have had for a long time.
1. Chalked-up chainsaw file to make certain that the bevel is 12 degrees. Toothy edge.
2. 800 grit 3M W&D paper, wrapped around a 3/4" piece of Al. tubing. Most toothy gone as I watch with a 10X loupe magnifier to check on progress.
3. Hone on a strop made from another piece of tubing, a file card wrapped around that and scrubbed with chrome green.
The result is a smooth, easy, scratch-free cut in soft western red cedar or nice straight-grained birch. That's all I wanted.