I ordered some .5 micron diamond powder and it arrived yesterday. I applied some to a leather pad and and used it to polish my carbide burnisher and it worked REALLY well. The diamond application is heavier than with diamond spray. The black areas show where I polished my burnisher and it's much blacker than when I use diamond spray, which tells me it's much more efficient and is polishing faster (because of more diamond particles on the leather). I will test on my cast iron lap next.
Thanks for the info on this Arnaud!