The only things I would dress leather with are: palm oil (the skin oils from the palm of your hand); neatsfoot oil. In a pinch butter or tallow - which may go rank, or coconut oil.
I wouldn't put any grinding paste on leather.
If it has a fabric backing/strap then you can impregnate that with baking-soda toothpaste as a fine abrasive. Strops are really for keening an edge, not sharpening which is what a grinding paste will do.
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