White compound will work fine. Most who use anything on a strop have their "favorite stuff" they put on it.
I would try different beginning and ending grits until you find what you like best. It's rare that I ever go beyond a 600 grit on carbon blades, and most of the time will simply do the worn out 400, then finish the edge and am done.
Something that I think is worth mentioning..... there are basically two types of edges that I can/will put on a blade, each depending on the end use of the blade. If it's for somebody I know is going to use the knife, say for camping, hunting or the like, the blade gets the worn out 400 edge and stays like that. This gives a "toothy" edge that cuts and last much better on animals and general "chores".
I know everybody wants a "razor" edge on their knife/knives, but that's not always the best choice. A razor edge breaks down easily and quickly when using a knife on game, or doing camp chores. I will usually put this type of edge on a knife that's bound for a collection, or someone I know that will use it "casually"..... that edge would be done on a worn out 400 grit belt, then each side lightly buffed to create the "hair popping" edge that everyone likes to impress their friends with. Just to clarify, that's on a carbon steel blade, and.... I also build/grind my blades in such a way that there are VERY tiny or no edge bevels when the blade(s) are sharpened.