I know you will get a lot of responses here. My balsa strops will load up with steel after much use. (Honing stones will do the same.) The steel on balsa gives a black appearance. That will become quite evident to you. Once that happens, I sand the wood flat using 600 wet/dry paper on a flat-surface plate. Then I charge the balsa back up with diamond paste.
When sanding flat you need to be careful with the balsa dust buildup on your sandpaper. It can indent the balsa surface. I use a brass metal brush to help keep the sandpaper surface clean while sanding.