What I've done is to put a tiny (match head size) bit of the powder in a bowl then add 3-4 drops of glycerin and when that seemed "too thick" add one drop of water. That made a very thin "wash" or "paint" too thin to be called a paste, but easy to finger paint onto the balsa. No clumping issues. After a day of drying, using it revealed a LOT of draw. If I didn't know better (I had tried it without anything on the balsa) I'd think some of the spray adhesive got on the stropping surface. But the .25 diamond polishes the edge very nicely. After several blades on it (maybe 150-200 strokes in total) it showed some black deposits from the metal being removed.
Maybe on the next one I'll try the stockmaker's trick of "raising the grain" with a little water and then sand it smooth before adding the "finish".After I sanded the 'raised grain' the first time, the surface remained smooth with the second application of spray.