Do you have a strop? If not - stop shaving with that waterville immediatly - or you'll dull the sucker out! If you need a strop - i'd recommend a dovo/col. conk with a linen side - the smallest size (that is 2 sided) will work just fine and dandy for you. I'd also recommend getting a tub of "white paste" for the linen side as well - as it is cheap, and seems to help.
As far as hones go..... I'd only recommend a Norton if you plan on restoring old razors. If you plan on only purchasing sharp ones - the Norton is superflous, and a major PITA. I'd suggest getting a cheap, but high quality barber hone in good shape, and maybe invest in the "leather hone" from handamerica.com and use their green paste with it. I personally sold my Norton - as since I am not buying "ebay specials" anymore, it was worthless to me, and I ended up using my barber hones, and pasted strops anyway.
For what it is worth - I can shave FASTER and more effectively with a legit straight (non-feather) than I can with a DE, so I can get a very good shave, from start to finish using a hard soap in about 5 minutes.
joel (at) badgerandblade.com