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This sounds like a home made version of the Lightning Lap. I use the cerium and the AlOx and find that they work quite well. I’ve done several stones on each and have noted that they do break in, so far no signs of wearing out. For me, they’re simple, easy and no messing around. Well worth the money IMO.
Having said that, there’s a lot to be said for tinkering and/or enjoy keeping old-school methods alive. From the sounds of it this seasoned cutter has a great solution. If anyone ever figures out the correct solvent, please be sure to post!