Ksail, The ABSOLUTE MOST important thing is to maintain your blade angle. the closer to parallel your blade is to the stone the finer the edge you will get, after that it is coarseness of the stone. However, the longer the grind mark on the side of the blade the WEAKER your edge will be and more prone to chips, like a Hollow ground blade that will take a wicked edge, but does not hold up well to rough use. The higher the angle, (shorter the grind area) the stronger the edge will be. You will have to balance the 2 based on your intended use, If you just want to shave with it get a hollow ground blade, it has a concave grind profile
http://www.downrange.tv/forum/index.php?topic=5530.30
(This link goes to the Tactical Knife thread, RTFM in reply #32 has an awesome diagram, I'm talking about profile #1 ) and hone it at about a 15 degree angle. For rough use you would want a blade that retains more meat closer to the edge like #3 ground at a steeper angle, personally I use a "Blue" diamond hone, at about 20 degrees, it gives me good sharpness but still holds up well.
As to using a strop, you only need one or 2 passes as what you are doing is removing the grinding burrs that you raised with the stone, just like you would get from filing metal only finer, they will get to a point where they fold over and make a VERY sharp knife SEEM dull, that's why Barbers stropped their razors, they were not "Sharpening" them, they were removing metal of a super fine edge that had been pushed over by the whiskers, and resmoothing the edge. as to a good stone and oil, about the best combo I have found to get a SHARP edge has been a Hard Arkansas stone with Johnsons baby oil as a coolant, it seems to get the metal about as sharp as possible.
Sharpness is also limited by the size of the metal molecules, different steels will take a finer edge than others, that's why medical instruments are made from "Surgical" steel the characteristics of the alloy let it take the sharpest edge possible for steel, other materials, like Bokers Ceramic blades and obsidian are supposed to be able to take a much sharper edge, in fact scalpels for eye surgery use obsidian instead of steel. 6000 years of technology brought us back to the flint blade
