Why not something like isopropanol? It would evaporate out in minutes rather than hours that water would take. Also it is hydrophillic, so it will remove any water with it.
The optimal solvent may depend upon the surface being applied.
Mineral oil would be OK with hard leathers, but I still prefer water or alcohol based solvents for balsa or soft Russian leathers. Once the oil is absorbed by these materials then it is there for good. I also prefer the draw of a dry surface left by water or alcohol.
I mostly use balsa (and sometimes leather) and so far mineral oil has served me well. I made a new one today, in fact. It's cheap. Try a few ideas and choose the one you prefer.
I have a Tim Zowada Michi-gane. He tells me it has very few abrasives. Because of that he recommends 40 linen and 50 leather before use. Then he says to touch it up with CrOx pasted cotton when it feels like needs to be freshened up. I used Hand American straight from the bottle and it's a little thick bubt its working fine. I am thinking I could maybe try the water and wipe it down or possibly the water and spray the opposite side. I've been using this method for the three blades in my current rotation. I am interested in hearing the board consensus..
You can also purchase CrOx in a spray from Straight Razor Designs. I don't know what liquid they use and the product description on the web site doesn't say, but it looks like water. I use it on wool felt and it works well. I imagine it would work equally well on any other surface.
This link from Hand american says:
"When it came to chromium oxide it was important to include a detergent in the mix so that the compound would wash off of peoples hands and clothing easily. The detergent agent that we use is one of many that we tested and the only one that we found acceptable."
So, can we assume it is in conjunction with water and thin it out with the same?
Here it says: Chromium (III) oxide, Cr[SUB]2[/SUB]O[SUB]3[/SUB] is the main oxide of chromium. It is amphoteric and while it is insoluble in water, it will dissolve in acid. It is found in nature in the form of a rare mineral, eskolaite. It is used as a pigment, producing a dark green color.
I like to use neatsfoot oil to cut my CrOx for strops with low draw, and on high-draw strops I use nothing. Apply the paste, then find a card (credit cards work best since they're sturdy), smooth the edge with 2000grit sand paper, and then use it to scrape the CrOx into a fine, thin layer.
For fabrics, the same method can be used, or cut it with water